Shiba Inu (SHIB) could be poised for a bullish reversal following an 18.3% drop in the past month.
Market analyst Tektonic sees early signs of bullish reversal with a target of $0.000017, fueled by negative funding rates signaling reduced bullish leverage.
SHIB is trading at $0.00001161, indicating a 6.6% increase in the last 24 hours, potentially forming a reversal pattern on key timeframes.
Bullish sentiment for SHIB is backed by a skyrocketing burn rate of 5,404.46%, reducing overall supply, which may drive prices up depending on demand.
Shiba Inu's bullish outlook is strengthened as it nears $0.000012, creating higher lows and maintaining volume, hinting at a potential breakout towards $0.00001280–$0.00001350.
Higher lows signify increasing buyer interest, weakening bearish sentiment, with each new support zone reinforcing a sustained uptrend for SHIB.
The SHIB Army anticipates a 195% price surge amid the expected bullish pattern reversal.