- Shiba Inu recently unveiled the name of its long-awaited Collectible Card Game Shiba Eternity, preparing the meme coin for a rally.
- The announcement acted as a bullish trigger for Shiba Inu, alongside an 80 million SHIB burn.
- Analysts are bullish on a Shiba Inu rally, predicting a breakout in the meme coin.
Shiba Inu started an uptrend after developers announced the name of the Collectible Card Game, Shiba Eternity. The meme coin started its rally in response to the announcement and continued its uptrend. Analysts have revealed a bullish outlook on the meme coin.
Also read: SHIB Holder Alert: Shiba Inu drops name of NFT game Shiba Eternity
Shiba Inu prepares for a breakout
On August 2, developers behind Shiba Inu announced the name of the much-awaited Collectible Card Game, Shiba Eternity. Since the announcement of the upcoming launch of the CC game, Shiba Inu has started an uptrend.
There are three bullish triggers for Shiba Inu, the meme coin’s upcoming Shibarium launch, the name announcement of the CC game and SHIB’s correlation with Bitcoin. Based on data from Cryptowat.ch, Shiba Inu has a 0.81 correlation with Bitcoin, implying the Dogecoin-killer’s price moves with Bitcoin.
The Shiba Eternity announcement fueled a bullish sentiment in SHIB holders since the game will soon be launched on the Apple app store and Google play store. Proponents believe the game’s launch will fuel the utility of NFTs in the Shiba Inu ecosystem and drive the adoption of Shiba Inu’s metaverse.
Upwards of 80 million Shiba Inu tokens were burnt in the last 48 hours, according to data from the Shibburn portal. Shiba Inu’s massive burn has pulled these tokens out of circulation permanently, acting as another driver for the meme coin’s rally.
The meme coin prepares for a breakout as the Bitcoin price is on track for a rally. Bitcoin price offered traders 10% gains over the past week, driving the asset higher. Similarly, proponents expect the Shiba Inu price to climb and offer gains to SHIB holders due to the high correlation between the two.
Analysts predict 35% rally in Shiba Inu price
Crispus Nyaga, a crypto analyst, predicted a 35% rally in Shiba Inu price. The analyst argues that Shiba Inu is primed for a rally in August 2022 and the meme coin could witness a massive breakout in the following weeks.
The key resistance levels to watch are $0.000015, 35% above the current price. A drop below support at $0.0000071 will invalidate the bullish outlook on Dogecoin-killer SHIB.
SHIB-USD price chart
FXStreet analysts share strategy for trading Shiba Inu profitably in the current SHIB price trend. For price targets and complete analysis, check the video below: