It’s possible that a major SHIB burn is the bullish signal Shiba Inu holders have been waiting for. According to analysts, the Shiba Inu price is ready to recoup its losses. Analysts spot the rising formation on the SHIB chart. According to crypto analyst Filip L, the price of Apecoin (APE) is still good for generating intraday or short-term profits. The analyst says the APE will be flexible enough to withstand the current macroeconomic environment.
Shiba Inu community estimates 111 trillion SHIB burned
cryptocoin.com Shiba Inu burning remains a hot topic in the SHIB community. SHIBQueenie, moderator of the community’s Discord channel, believes that 111 trillion Shiba Inu could be burned in the next 12 months. This estimate excludes community burnings, burning projects like Shibburn, and other periodically announced events.
The Shiba Inu community has a few events lined up. The launch of Shibarium and the Shiba Inu’s push into the metaverse are key events that are likely to fuel bullish sentiment among holders. SHIBQueenie says the renaming of the Shiba Inu’s metaverse is a driving force for bullish sentiment among SHIB holders. Since the launch of Shibburn, 410.37 trillion SHIBs have been burned so far. Thus, the number of SHIBs in circulation decreased.
Shiba Inu game director takes Shiba Eternity to Gamescom
Shiba Inu’s collectible card game Shiba Eternity will head to Gamescom. The world’s largest gaming event and trade show will drive adoption of the Shiba Inu. It will also make it popular among its holders.
Off to Gamescom to show off #ShibaEternity (it looks so good!). Guess what’s in the bottom bag. (The hint is on the top bag). pic.twitter.com/iBDnHt2VtW
— william_volk (@william_volk) August 22, 2022
William Volk, director of Shiba Inu games, will attend Gamescom. He will represent the Shiba Inu project. Game publishers and companies introduce new software and hardware to industry and private visitors each year at the gaming event.
Shiba Inu price ready to recoup losses
Analysts say the meme coin is ready to recover. Meanwhile, the Shiba Inu lost 14% last week. SHIB holders expect a rebound in price. A crypto analyst nicknamed Shiba Knight has spotted a bullish formation on the price chart of SHIB. In this context, he predicted a recovery for the meme coin.
SHIB price chartAnalysts at FXStreet also say that SHIB is ready to recover. Analysts see Shiba Inu bulls likely to push the SHIB higher.
“Apecoin price likely to drop 40%”
Crypto analyst Filip L provides the following technical analysis for Apecoin (APE). APE is hovering near the $5 marker, which was the lowest of the falling blade action on May 11. It is used as a plateau for traders to take a pause, reserve some profit and use as an entry point for a possible uptrend. Over the past few trading days, it has rallied above this $5 level from lows. So it showed that the interest was there. Weak gains will be made in the coming weeks and months. However, this will only be for experienced traders. Overall, the Dollar Index (DXY) still has a long way to go. APE rallies will be selling as more signals are starting to confirm this result.
APE, more broadly, is at risk of falling like a stone in the next three months. Traders will begin to feel that winter is putting pressure on energy prices. They will see more revenue unraveling behind this. Also, the dollar will get stronger as the Fed won’t stop its march. It still has a long way to go before it reaches its inflation target. When APE defaults at this $5 level, the next support comes in at $4.27. Du also coincides with the start of the summer rally in July, before the bears start shorting to $3.06 to take profits. This means that Apecoin will lose 40% against where it trades.
APE daily chart“In this case, Apecoin could hit the top of the summer rally”
Of course, banks have always been very careful and easy-going in their communications. Rarely did they go against the current macroeconomic backdrop. It’s possible that this is the same result for now. Because the possible circumstances may start to make some room for a gold lock scenario where wages rise, inflation begins to fall faster and more broadly, pushing people to buy cryptocurrencies again. This scenario will trigger a big buying wave. In this case, Apecoin would trade around $7.50, the summer rally high.
