Shiba Inu price has entered a bear market, falling more than 20% from this week’s high as the crypto’s recent bull run faded.
Shiba InuSHIB), the second largest coin in crypto, was trading at $0.000024 on Friday, November 15, while most coins fell. Bitcoin (BTC) remained below $90,000 as the recent bull run stalled.
Nonetheless, there are signs that SHIB price will rebound and possibly retest its high this week at $0.00003045. For example, data from Shibburn shows that the Shiba Inu’s burn rate has increased by 115% in the last 24 hours.
Over 16.1 million tokens have been burned, meaning 410 trillion have been burned since inception, bringing the circulating supply to 583 trillion tokens. Token burns occur when cryptocurrencies are moved to an inaccessible address, thereby reducing the number of those in circulation.
Another potential catalyst for Shiba Inu price is the total number of addresses in Shibarium soared to over 1.89 million. If the trend continues, it is likely that these addresses will rise to 2 million in the coming months.
At the same time, the number of transactions carried out on Shibarium has exceeded 509 million in recent months. This performance is remarkable since Shibarium is Shiba Inu’s layer 2 blockchain network. Some of the BONE tokens collected as fees are transferred to SHIB and burned.
Analysts are optimistic about Shiba Inu price
Crypto analysts are bullish on the SHIB price. In an article X, a popular analyst known as SHIB Bezos noted that the coin was on the verge of going parabolic. According to him, the coin often goes parabolic, then consolidates and rebounds. He expects the next parabolic move to propel him to an all-time high.
The daily chart below makes the bullish scenario more evident. Shiba Inu has formed a golden cross now that the 50 and 200 day moving averages have formed a golden cross pattern. In most periods, this trend generally leads to more gains.
SHIB also formed a cup and handle pattern, with the current removal being part of the handle section. In most periods, this trend usually leads to a strong bullish breakout.
In this case, a larger rise will be confirmed if it exceeds the upper part of the cup pattern. If this happens, the coin could reach the yearly high of $0.000045, approximately 90% above the current level.