- Shiba Inu (SHIB) is gaining momentum after a major UAE partnership and a 500% surge in its burn rate, pushing its price up by 8%.
- Strong technical signals suggest a potential breakout if SHIB surpasses key resistance levels.
Shiba Inu (SHIB) is making headlines with a major partnership and promising technical signals. The meme coin is now positioning itself for a strong bullish breakout.
UAE Partnership Sparks Optimism
Shiba Inu has secured a groundbreaking partnership with the United Arab Emirates’ Ministry of Energy and Infrastructure (MoEI). This move aims to integrate blockchain technology at a federal level, setting a global standard for innovation. His Excellency Eng Sharif Al Olama highlighted the importance of delivering transformative solutions for citizens and the wider community.
Following the announcement, SHIB’s burn rate skyrocketed by over 500%, removing nearly 18.7 million tokens from circulation. This reduced supply contributed to an 8% price surge, pushing SHIB to approximately $0.0000164. Its market cap also exceeded $9.5 billion, bringing it back into the top 20 cryptocurrencies.
SHIB Price Analysis: Breakout Ahead?
SHIB’s price movements suggest a possible breakout. The 4-hour chart shows a correction after an impulsive rally. The price found strong support around $0.00001260-$0.00001550 (0.786 Fibonacci retracement level) on February 3. This area coincides with a bullish divergence in the Relative Strength Index (RSI), signaling a potential reversal.
Before this correction, SHIB had completed a five-wave impulsive move, peaking near $0.00003308. The correction now appears to be over, with RSI bouncing back from oversold levels. If SHIB holds above the 0.786 retracement, further consolidation could set the stage for another rally.
A key resistance zone sits around $0.00002047 (0.618 Fibonacci level). If SHIB breaks above this level with strong volume, a bullish breakout could be in play.
ShibaInu Price Prediction: Next Targets
The 1-hour chart highlights a five-wave formation in progress. Wave (i) hit $0.0001704 on February 3, with Wave (ii) correcting slightly to $0.0001525 on February 4. Now, SHIB is pushing through wave (iii), often the strongest in an Elliott Wave sequence.
Wave (iii) aims for $0.00002047, aligning with the 0.618 Fibonacci retracement. A minor pullback in wave (iv) may find support near $0.00001900 before wave (v) targets the previous resistance at $0.00002288.
After this five-wave formation, a short correction could bring SHIB back to $0.00001800-$0.00001946 before another leg higher. If bullish momentum continues, SHIB could push towards $0.00002826, depending on broader market conditions.
Shiba Inu’s partnership with the UAE is a game-changer, adding fundamental strength to its ecosystem. With bullish technical signals emerging, SHIB could be on the verge of a breakout. Key resistance levels will determine the next move, but if momentum holds, higher price targets may come into play.
