Key Insights:
- SHIB price is squeezing under resistance at $0.0000117 on the weekly chart.
- A breakout from the triangle pattern could send SHIB soaring toward $0.00023.
- 132M SHIB burned this week, reducing supply and boosting bullish potential.
Shiba Inu (SHIB) price continued to consolidate just below the $0.0000117 resistance. The weekly chart shows price compression under a descending trendline, forming a symmetrical triangle—often a precursor to breakouts.
Multiple analysts have flagged a potential bullish move. Meanwhile, on-chain data confirmed that over 132 million SHIB tokens were burned last week, reducing supply and adding weight to the bullish case—if SHIB breaks above resistance.
Analyst Identified a Weekly Triangle Formation
Crypto analyst SHIB KNIGHT shared a chart showing SHIB price trapped in a symmetrical triangle. He noted that SHIB is holding just under weekly resistance at $0.0000117. His chart highlighted how SHIB has respected the lower trendline, with support holding for four consecutive weeks.
More so, the pattern showed lower highs forming beneath strong resistance. This suggested that sellers were losing strength. The longer SHIB held support, the more likely a breakout could follow. $SHIB KNIGHT added that Bitcoin’s movements might still affect this setup.
Furthermore, he emphasized that a breakout above the triangle could trigger a new uptrend. The symmetrical triangle had compressed tightly, leaving limited room for sideways action. Based on past breakouts, the structure looked ripe for resolution.
Top Analyst Forecasted a 17x Shiba Inu Price Rally Toward $0.00023
Furthermore, crypto analyst CryptoElites also identified the triangle setup. He confirmed the formation by marking three successful tests of the lower trendline. His projection showed a breakout could push SHIB price to $0.00023, nearly 17 times higher than the current price.
His chart included ascending support lines and Fibonacci extensions. These confirmed the bullish outlook if resistance was broken. The price hovered just under the upper boundary of the triangle, making it a key inflection zone.
Notably, CryptoElites stated that previous SHIB rallies began after similar triangle consolidations. He compared current conditions to past cycles, where Shiba Inu price soared after strong defense at key trendlines. This gave the pattern more credibility.
The target of $0.00023 would represent a major move in both price and market cap. However, the analyst made clear that this move would require a confirmed breakout above the triangle’s top line.
SHIB Burn Rate Jumped as 132 Million Tokens Removed
More so, on-chain data showed growing support for price appreciation. According to Shibburn data, over 132 million SHIB tokens were burned in the past seven days. The weekly burn rate jumped by 107%, showing rising community activity.
These burns decreased the total supply of tokens in circulation, which are a part of Shiba Inu’s deflationary tokenomics. Analyzing the daily activities in the ecosystem, there were continuous established token burnings, and they were carried out through various wallet addresses. This supported the bullish technical formation.
However, not all the feedback was favorable. Some of the participants were concerned about the present burning and its effects. Some community members questioned the impact of current burns. WallStreetBets’ founder commented that despite burns, SHIB supply remains unchanged. He argued that in crypto, size doesn’t matter, however, it is the thought that counts.
$0.00023 Target Would Raise SHIB’s Market Cap
If SHIB price reached the $0.00023 level, its market capitalization would rise to nearly $135 billion. This would place it even higher than some major coins such as Ripple (XRP). To achieve a market cap of that level, there must be a great inflow of funds from both the small and large investors.
Interestingly, such a move would probably require even more acceptance across the SHIB ecosystem. The token’s utility, the network activity, and some external factors will have to move in unison. As of now, SHIB price remains below resistance, with the pattern still valid.
The symmetrical triangle remained in place on the weekly chart. Both technical and on-chain data pointed to a key decision zone. The breakout level near $0.0000117 was likely to determine SHIB next major move.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
