Shiba Inu (SHIB) is once again making waves in the crypto market, with analysts predicting a potential price surge fueled by a bullish chart formation and a dramatic 1300% increase in its burn rate.
Bullish Chart Formation
Market analyst ALLINCRYPTO has highlighted a bullish falling wedge pattern in SHIB’s broader time frame charts, indicating a likely reversal from a downtrend to an uptrend. The falling wedge is seen as a sign of an impending price rally, as the pattern shows two converging trend lines: the upper one marking resistance levels and the lower one pointing to support levels. According to the analyst, SHIB has been in a temporary downtrend since December 2024 but is now set for a trend reversal.
Price Movement
Shiba Inu’s price has gained over 11% in the past week, currently trading at $0.00001320. This upward momentum comes as the broader cryptocurrency market shows signs of recovery, with Bitcoin reaching highs of $94K, and major altcoins, including SHIB, following suit.
SHIB Burn Rate Surge
In addition to the bullish chart pattern, the surge in SHIB’s burn rate has further fueled optimism. In the last 24 hours, the burn rate spiked by 1300%, with 27.82 million SHIB tokens burned, according to the Shibburn tracker. As the circulating supply decreases, the market sentiment around SHIB continues to lean bullish, making the meme coin an attractive prospect for investors.
Price Predictions
Following this surge in market sentiment and burn activity, analysts predict that Shiba Inu could reach as high as $0.0000141 by the end of April. With both technical indicators and fundamental factors pointing to a favorable outlook, Shiba Inu’s future price movements are generating increased interest in the crypto space.
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