Can Shiba Inu (SHIB) Price Hit $0.00003 Level!

The post Can Shiba Inu (SHIB) Price Hit $0.00003 Level! appeared first on Coinpedia Fintech News

The Shiba Inu community has been watching SHIB’s price move up and down recently, mainly due to global tensions like the Iran-Israel conflict. But even with all the uncertainty, SHIB has jumped 9%, sparking a big question among holders: Can SHIB really hit $0.00003?

According to crypto analyst Jonathan Carter, this target is not unrealistic, especially considering the growing market interest and increasing token burn rates.

What’s Driving Optimism?

One major reason for the growing hope is the bullish sentiment in the altcoin market. With Bitcoin recovering and now holding steady above $105K, many altcoins, including SHIB, have gained almost 10%. 

SHIB’s strong community also plays a big part in keeping the momentum alive.

Another strong factor is Shiba Inu’s impressive token burn activity. In the last 24 hours alone, SHIB’s burn rate surged by 582%, removing over 16.7 million tokens from circulation. This shrinking supply could lead to more upward pressure on price.

Technical Pattern Hints 3X Gain for Shib

Reaching the $0.00003 mark won’t happen overnight. According to analyst Jonathan Carter, Shiba Inu needs to follow a few key steps to hit that target.

As of now, SHIB is trading around $0.00001170, showing a 9% increase in the last 24 hours. On the daily chart, Carter notes that SHIB is forming a descending channel pattern. After falling from the upper resistance line, the price is now testing a key midline support zone. 

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Shiba Inu is forming a descending channel pattern on the daily timeframe