Key Insights:
- SHIB burn rate skyrocketed 1300% in 24 hours, reducing supply sharply.
- SHIB price may rally up to $0.000034, per analyst RealAllinCrypto.
- Analyst BezosCrypto predicts SHIB to rally to $0.00023.
Shiba Inu (SHIB) price experienced a burn rate increase within the latest 24-hour period. A substantial rise in token burning has created speculation about upcoming price developments. More so, technical analysts identified the combination of high token burning and a falling wedge pattern in SHIB price charts as potential signals for an upcoming major price rise.
Shiba Inu Burn Rate Surge
In the past 24 hours, Shiba Inu burn rate rose by 1300%. Shibburn data showed that 27.82 million SHIB tokens were burned during this time frame.
Notably, the spike in Shiba Inu token burn indicated purposeful actions to decrease the tokens that circulate in the market. A market with growing demand often experiences price increases when supply decreases because limited availability strengthens the cryptocurrency’s worth.
Consequently, Shiba Inu burn rate growth has drawn notable interest from traders and investors across the market. The decrease in circulating coins is a positive indicator for the future rise potential of the memecoin. As the available token supply decreases, the price tends to increase as supply decreases and demand forces increase.
In addition, the upward trend in Shiba Inu burn rates happened during an active market recovery phase for the crypto industry. Concurrently, Bitcoin achieved a new price peak when it traded at $94,000 before a market correction. The rising market sentiment has increased interest in altcoins, and Shiba Inu has benefited from this momentum.
Falling Wedge Pattern on SHIB Price Chart
More so, SHIB price demonstrated a potential surge through a falling wedge pattern formation that emerged on its chart. The formation of a falling wedge pattern predicts that prices will shift from a declining trend into an upward movement. Two downward-sloping trend lines in the pattern intersect and form resistance at their upper levels while providing support at their lower levels.
Analysts, RealAllinCrypto explained that the falling wedge pattern signals a possible price increase towards the upside. According to RealAllinCrypto, Shiba will achieve a price increase to $0.000034 based on the current formation of chart patterns.
Shiba Inu Coin Price Predictions
Another analyst, BezosCrypto, pointed out that Shiba Inu (SHIB) is experiencing a solid buying zone, implying an approaching major price surge. A bullish pattern has developed in SHIB, while a breakout appears possible according to the presented chart data.
As a result, the market analyst predicted that SHIB price will reach $0.00023 in representing a 17x increase from its current price of $0.0000141. The descending triangle shape on the chart showed that a price consolidation phase will happen before a strong upward movement. The analyst advised investors to be prepared for the upcoming price move.
Moreover, analyst Shib Spain pointed out that Shiba Inu will soon experience a major price increase. The analyst shared a chart that revealed SHIB is positioned at a critical support level at $0.00001230. SHIB will likely experience an upward movement due to the strong support and reach new resistance levels as market sentiment remains positive.
Meanwhile, recent analysis from Crypto Target supported a bullish breakout for Shiba Inu price, which moved out of a falling channel that held the price since late 2024. After dipping to $0.00001050 in April, SHIB broke through the upper trendline, reaching $0.00001256.
If the breakout holds, SHIB could target the next resistance level at $0.00001900, potentially reaching around $0.00002495 in 2025, a 98% increase from current levels.
At the time of writing, Shiba Inu price was trading at $0.00001345, down by 0.88% over the past 24 hours. The price recently tested resistance near $0.00001357, showing slight bearish pressure, with volume decreasing by 41.34%.
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.
