BINANCE to Burn SHIB! Can it reach $0.00002065?
Shib a Inu, along with other meme coins like Doge, Pepe, and DOGwifhat, has experienced a significant price rise in the past 24 hours. The enthusiasm of the Shiba Army and the activity on the charts suggest that Shiba Inu might be gearing up for a price rally.
Shiba Army’s Request to Binance
Recently, Binance CEO Richard Teng tweeted about US listed Bitcoin ETFs. In response, the Shiba Army actively requested that Binance burn SHIB tokens, similar to how they burn LUNC collected as trading fees.
Can you please burn some #SHIB from the revenues you receive from trading fees ? You do this to LUNC and perhaps you can also do this to SHIB— Lola (@CryptoLollla) July 9, 2024
Shortly after, the Shib burning tracker Twitter handle quoted a fan’s tweet to Richard, asking to imagine if Binance burned SHIB like LUNC. This tweet received massive support from Shiba Inu fans.
Technical Aspect of SHIB
According to IntoTheBlock data, Shiba Inu may face significant resistance at its next price stage. Between $0.000017 and $0.000019, there are 30.37k addresses holding a total of 424.11T SHIB tokens purchased at this price. Once the price breaches this zone, these holders might book profits, potentially causing the price to drop again.
Source : IntoTheBlock
On the other hand, the Stoch RSI shows a rising pattern for Shiba Inu. A similar pattern in the first week of July led to a 36% price rise.
Source : TradingView
In the past 24 hours, the price of this meme token has already increased by 8.87%. If it overcomes the resistance and rises by 30%, Shiba Inu’s price could reach $0.00002065, another major resistance point.
Source : TradingView
The Rising Star candlestick pattern on the chart confirms this. The last three months of Shiba Inu’s movement indicate a bearish trend. The formation of the Rising Star at the end of this trend suggests a potential trend reversal.
Source : TradingView
Looking Forward
If we analyze the candlestick pattern and on-chain data on the chart, it becomes clear that Shiba Inu’s price is currently in a very critical zone. If SHIB holders refrain from selling off in this zone, we could soon see a significant price surge in this meme token. Binance accepting their burning request could further boost the price. However, investors and traders should always remember that meme coins are highly volatile. Even a small move by whales can greatly impact price movements. Proceed with caution.
Read Also: Top 2 Memecoins To Record 50% Surge As Market Turns Bullish?
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