Shiba Inu Price Rally: Shiba Army’s Request to Binance and Technical Analysis
Shiba Inu and other meme coins like Doge, Pepe, and DOGwifhat have been making waves in the cryptocurrency market with a significant price rise in the past 24 hours. The Shiba Army, a dedicated group of Shiba Inu enthusiasts, is showing strong support for the meme token, hinting at a potential price rally on the horizon.
One of the key developments in this surge is the Shiba Army’s request to Binance, one of the largest cryptocurrency exchanges in the world. After Binance CEO Richard Tend tweeted about US listed Bitcoin ETFs, the Shiba Army actively requested that Binance burn SHIB tokens, similar to how they burn LUNA collected as trading fees. This request gained massive support from Shiba Inu fans, showcasing the community’s dedication to the token.
On the technical side, IntoTheBlock data suggests that Shiba Inu may face significant resistance at its next price stage, with a large number of addresses holding SHIB tokens at a specific price range. However, the Stoch RSI indicator shows a rising pattern for Shiba Inu, indicating a potential price increase in the near future.
In the past 24 hours, Shiba Inu has already seen an 8.87% price increase, with the potential to reach another major resistance point at $0.00002065 if it overcomes current barriers. The Rising Star candlestick pattern on the chart further confirms this potential trend reversal, hinting at a bullish outlook for the meme token.
While the outlook for Shiba Inu looks positive, investors and traders are advised to proceed with caution, as meme coins are known for their high volatility. Any sudden moves by large holders could significantly impact price movements. However, with the support of the Shiba Army and potential developments like Binance’s burning request, Shiba Inu could be gearing up for an exciting price surge in the near future.
