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Shiba Inu (SHIB), one of the industry’s most popular meme coins and crypto ecosystems, trailed behind other popular tokens like Dogecoin (DOGE) last week, with a price decline of 8% on the weekly scale.
However, SHIB might be poised for further growth, according to popular analyst Captain Faibik (CryptoFaibik on X).
The analyst, citing data from a 6-hour chart, highlights the emergence of a symmetrical triangle, which traders consider a bullish pattern characterized by lower highs and higher lows.
$SHIB #Shiba another 2x Bullish Rally incoming ✍️ pic.twitter.com/srIRdxAfPm
— Captain Faibik (@CryptoFaibik) March 31, 2024
In symmetrical triangles, an asset price usually hinders in a period of consolidation, fluctuating within narrowing levels. This is usually a sign of indecision in the market.
However, the analyst noted that SHIB is undergoing a retest that, if successful, could catapult the token into a 2X rally by mid-December. This means SHIB could surge to around $0.000044. Yet this price remains well below SHIB’s all-time high of $0.000086.
SHIB Token Burns Skyrocket
As CryptoPotato reported, SHIB witnessed a surge in token burns, with over 15.5 billion tokens destroyed. This is a 2,300% increase compared to February’s figures, indicating significant activity within the SHIB ecosystem.
Interestingly, SHIB was involved in a massive transaction after KuCoin, one of the largest crypto exchanges, was indicted by US regulators. The regulators claim the broker failed to implement anti-money laundering (AML) and know-your-customer (KYC) checks.
Following these legal troubles, a significant investor transferred 2 trillion SHIB tokens, worth over $62 million, from KuCoin to an unknown address on March 27th.
This article first appeared at CryptoPotato
