Shiba Inu, which began as a meme coin, has become one of the most popular cryptocurrencies among investors. Currently, SHIB is trading at $0.0000127 and is holding strong despite previous declines. Analysts predict an 81% surge due to increased whale activity and rising token burn rates.
Shiba Inu Ready for Breakout
Looking at SHIB’s 1-day chart, a falling wedge pattern is forming, which is generally seen as a bullish reversal signal. Since December 2024, SHIB has been trading within this downward-sloping wedge, consistently making lower highs and lower lows. However, the price is now testing a breakout level around $0.0000129, suggesting a potential trend reversal. If SHIB successfully breaks out, it could trigger a massive rally, targeting an 81.63% increase, bringing the price up to around $0.000023.
Key Levels to Watch
SHIB has been trading in a tight range between $0.0000125 and $0.00001365. The main resistance is at the $0.000014 level, where 236 billion SHIB tokens are held. If bulls manage to break past this level, the next major hurdle is between $0.000014 and $0.000019, where a staggering 548 trillion SHIB tokens have accumulated. If SHIB fails to hold $0.0000125, a drop to $0.0000115 is likely.
Whales and Burn Rate Show Positive Signs
Big players are showing renewed interest in SHIB, with whale activity spiking in recent days. A massive 7.49 trillion SHIB was moved in large transactions, marking the highest volume seen in two months. At the same time, the SHIB burn rate has jumped by 2227% in the last 24 hours, removing over $18.6 million worth of tokens from circulation. The total SHIB burned has now reached 410.7 trillion, reducing the available supply to around 589 trillion tokens. This could drive prices higher as supply tightens.
Shiba Inu shows signs of potential growth due to the formation of a falling wedge pattern, whale activity, and increased token burn rates. Despite current challenges, analysts remain optimistic about the token's future rise.
