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Shiba Inu price moved into a bear market, falling by over 20% from its highest level this week as the recent crypto bull run faded.
Shiba Inu (SHIB), the second-biggest meme coin in crypto, was trading at $0.000024 on Friday, Nov. 15, as most coins dropped. Bitcoin (BTC) remained below $90,000 as the recent bull run stalled.
Still, there are signs that SHIB price will bounce back, and possibly retest its highest level this week at $0.00003045. For example, data from Shibburn shows that the Shiba Inu burn rate rose by 115% in the last 24 hours.
Over 16.1 million coins were burned, meaning that 410 trillion have been burned since its inception, bringing the circulating supply to 583 trillion tokens. Token burns happen when cryptocurrencies are moved to an inaccessible address, reducing the number of those in circulation.
Another potential catalyst for Shiba Inu price is that the number of total addresses in Shibarium has jumped to over 1.89 million. If the trend continues rising, there is a likelihood that these addresses will rise to 2 million in the coming months.
Meanwhile, the number of transactions completed in Shibarium has risen above 509 million in the past few months. This performance is notable since Shibarium is Shiba Inu’s layer-2 blockchain network. Some of the BONE tokens collected in fees are moved into SHIB and burned.
Analysts are bullish on Shiba Inu price
Crypto analysts are bullish on the SHIB price. In an X post, one popular analyst known as SHIB Bezos noted that the coin was about to go parabolic. In his view, the coin often goes parabolic, then consolidates, and bounces back again. He expects that the next parabolic move will push it to a record high.
The daily chart below makes the bullish case more evident. Shiba Inu has formed a golden cross now that the 50-day and 200-day moving averages have formed a golden cross pattern. In most periods, this pattern usually leads to more gains.
SHIB has also formed a cup and handle pattern, with the current retreat being part of the handle section. In most periods, this pattern usually leads to a strong bullish breakout.
In this case, more upside will be confirmed if it rises above the upper side of the cup pattern. If this happens, the coin could rise to the year-to-date high of $0.000045, which is about 90% above the current level.
This article first appeared at crypto.news
