Shiba Inu (SHIB) Analysts Share Price Targets

This past week has been one where Shiba Inu (SHIB) has been one of the top memecoins to rise. The coin was trading as low as $0.00001697 at the start

Shiba Inu (SHIB) price action has seen better days in 2023, but the meme coin still manages to attract attention. SHIB price rose during the past week, and the coin encountered resistance at a higher level. However, the meme coin managed to regain a key price level.

Analyst: SHIB Could Rally to 2 Price Targets

Shiba Inu (SHIB) price managed to achieve gains during the past week, and the coin’s price encountered resistance at a higher level. However, the meme coin managed to regain a key price level, and an analyst believes that SHIB could rally to two price targets.

Shiba Inu (SHIB) price encountered resistance at a higher level, but the meme coin managed to regain a key price level. An analyst believes that SHIB could rally to two price targets: $0.000024 and $0.000035.

As reported by Finbold on October 31, SHIB price dropped to a low of $0.00001697 at the beginning of the week. However, the meme coin recovered quickly and began to rise. By November 4, SHIB price reached a high of $0.00002334.

The meme coin’s price increased by 37% during the week, according to CoinMarketCap price data. However, SHIB price dropped below $0.0000233 on November 5.

Shiba Inu (SHIB) price encountered resistance at a higher level, but the meme coin managed to regain a key price level. An analyst believes that SHIB could rally to two price targets: $0.000024 and $0.000035.

Despite the setback, SHIB price still managed to regain the key $0.0000233 resistance level. According to analyst Kizoki, this price level could determine SHIB’s next move.

The analyst believes that if SHIB manages to break this level, it could rally to two price targets: $0.000024 and $0.000035 in the coming weeks. However, Kizoki adds that SHIB could face difficulties at the $0.000024 resistance level, which could lead to a price drop.

On the other hand, another analyst, Darek Trades, anticipates that the meme coin price will increase by 10%–15% in the coming weeks. The analyst shared a chart on X, indicating that the Shiba Inu token price increased to $0.000021.

Shiba Inu (SHIB) Burn Transactions Revealed

Meanwhile, data from Shibburn showed that three transactions on November 7 burned more than 36 million SHIB tokens.

Shiba Inu (SHIB) price encountered resistance at a higher level, but the meme coin managed to regain a key price level. An analyst believes that SHIB could rally to two price targets: $0.000024 and $0.000035.

The token burn is an idea behind decreasing the number of tokens floating around with a tie to Shiba Inu (SHIB) and the idea is it will cause the token to spike in price.

The largest transaction saw 20,000,000 SHIB tokens removed from circulation, while the other two transactions burned 8,389,752 SHIB and 7,777,777 SHIB, respectively.

In total, over 36,167,530 SHIB tokens were burned and sent to dead wallets on Monday, an effort to reduce the meme coin’s circulating supply and drive up its price.

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