Shiba Inu (SHIB) is gaining momentum following a strategic UAE partnership and a 500% surge in its token burn rate, driving an 8% price increase. Technical indicators suggest a potential breakout if key resistance levels are breached.
UAE Partnership Fuels SHIB’s Growth
Shiba Inu has secured a landmark collaboration with the UAE’s Ministry of Energy and Infrastructure (MoEI), aiming to integrate blockchain technology at a federal level. This partnership underscores the UAE’s commitment to innovation, as emphasized by His Excellency Eng Sharif Al Olama.
Key Developments:
- Token Burn Rate Surge: Over 18.7 million SHIB tokens were permanently removed from circulation, reducing supply.
- Price Impact: SHIB rose to ~$0.0000164, with its market cap exceeding $9.5 billion, reclaiming a top-20 cryptocurrency rank.
Technical Analysis: Is a SHIB Breakout Imminent?
Price Trends and Support Levels
- Recent Correction: After peaking near $0.00003308, SHIB corrected to the $0.00001260–$0.00001550 range (0.786 Fibonacci level).
Bullish Signals:
- RSI divergence suggests a reversal.
- Current consolidation above the 0.786 retracement hints at renewed upward momentum.
Resistance Zones to Watch
- Critical Level: $0.00002047 (0.618 Fibonacci). A breakout here with strong volume could trigger a sustained rally.
SHIB Price Prediction: Next Targets
Elliott Wave Analysis
- Wave (i): Peaked at $0.0001704 (Feb 3).
- Wave (ii): Pullback to $0.0001525 (Feb 4).
- Wave (iii): Potential target at $0.00002047.
- Wave (v): Final push towards $0.00002288.
Post-correction, SHIB may consolidate near $0.00001800–$0.00001946 before resuming its uptrend. Long-term bullish scenarios could see SHIB testing $0.00002826.
FAQs
Q: What’s driving SHIB’s recent price surge?
A: The UAE partnership and a 500% burn rate increase are key catalysts.
Q: What’s the next resistance level for SHIB?
A: Watch $0.00002047; a breakout could signal further gains.
Q: How does the token burn affect SHIB’s value?
A: Reducing supply through burns can create scarcity, potentially boosting prices.
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Shiba Inu’s UAE alliance and bullish technical setup position it for a potential breakout. Monitor resistance levels and market trends for confirmation.