Shiba Inu (SHIB) Price Prediction: Despite the Gloomy Condition of the Crypto Market, One Analyst Has Voiced His Optimism

TradingView analyst Krao recently predicted that the dog-themed crypto asset could hit $0.001 in the next few months.

As the crypto market continues to experience a downturn, one analyst remains optimistic about Shiba Inu (SHIB). According to TradingView analyst Krao, the dog-themed crypto asset could hit $0.001 in the next few months.

The analyst points to a major breakout from a multi-month descending trendline that has prevented SHIB from experiencing a significant bull season over the last three years. At the time of writing, the memecoin is trading at $0.00001337, up 0.26% in the last 24 hours.

Based on Krao's prediction, the token will eventually lose two zeros. Should this breakout rally happen as expected, SHIB's price would see a 7,379% surge from its current level.

Recently, a SHIB price analysis covered the possibility of Shiba Inu jumping to $1.

To further illustrate his point, he shares a chart that depicts a long-term descending trendline putting pressure on Shiba Inu since late 2021. In October 2021, SHIB reached an All-Time High (ATH) of $0.00008854. Afterward, the cryptocurrency experienced a significant drop along with the broader market. It then entered a recovery phase, which was followed by consolidation.

During the consolidation period, there were several lower highs and relatively flat movements, which occurred between a low of $0.000005 and a high around $0.00003. At the time, the extended period of low volatility signaled the possibility of a moderate SHIB price surge.

Shiba Inu Ecosystem Surges Past Expectations

Meanwhile, the price of SHIB has been gradually increasing over the last few days.

However, Indodax exchange encountered a major hack last week, which triggered a liquidity run. The platform's exploit resulted in a total liquidity drain of $22 million. Among the stolen assets were 9 billion Shiba Inu tokens. This sparked concerns about the potential impact on the token's price and the broader market.

Despite the hack, the memecoin has not experienced any major blows in terms of price action.

As the SHIB community eagerly awaits the predicted potential price breakout, the ecosystem has reached a new milestone. On Wednesday, the SHIB burn rate rallied by 8000% within a 24 hours timeframe. This surge is attributed to the destruction of nearly 3 million tokens. Over seven days, the weekly burn chart showed a burning total of 271.05 million SHIB.

With the launch of various products, including Shibarium auto burning and DAO governance, the Shiba Inu ecosystem is outperforming expectations and setting the stage for the upcoming rally.

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