Shiba Inu (SHIB) price is back in traders' crosshairs after technical signals and on-chain metrics suggested a potential upward movement.

According to recent analysis by a crypto market expert, SHIB has formed a bullish falling wedge pattern on the daily chart.

Shiba Inu (SHIB) price is back in traders' crosshairs after technical signals and on-chain metrics suggested a potential upward movement.

According to recent analysis by a crypto market expert, SHIB has formed a bullish falling wedge pattern on the daily chart.

This pattern, which is commonly viewed as a setup for bullish reversals in technical analysis, is created by two downward-sloping trendlines that converge, indicating a narrowing price range.

Moreover, within a single day, the burn rate of the token experienced an explosion that exceeded 1300%, thus accelerating its overall momentum. The upcoming rally might peg SHIB above the $0.000034 mark where it will consolidate.

This theory is supported by the recent price action and blockchain activity. The meme-based cryptocurrency has gained over 14.39% in the past seven days. It was trading around $0.00001407 at the time of writing.

The developments in the chart pattern and the token burn metrics have brought renewed attention to the meme coin from traders and analysts.

Shiba Inu Price Shows Promise As Final Point Of Wedge Reaches Key Resistance

Shiba Inu price is showing promise as it approaches the final point of the falling wedge pattern, which coincides with a crucial resistance level.

This pattern, which has been forming since December, appears to be nearing its breakout point, according to the analysis by RealAllinCrypto.

The analyst shared an annotated chart showcasing where SHIB recently broke above the upper resistance of the wedge.

This breakout is seen as a confirmation of a trend shift. A vertical projection from the lowest to the highest point in the wedge was used to calculate a potential target of $0.000034.

This would mean a price increase of approximately 167% from the breakout area. The chart also shows a similar historical wedge pattern that led to a substantial price rally.

Volume analysis suggests that buying interest may be returning, as slight increases were noted during the breakout.

If the current momentum continues, the pattern could serve as a foundation for further upward price action in the short term.

Shiba Inu Price Surges 1300% As A Final Point Is Reached

In tandem with technical signals, Shiba Inu’s burn rate surged 1300% in the past 24 hours, with 27.82 million tokens removed from circulation.

Data from Shibburn, a platform tracking token burns, confirmed this spike in activity. The sharp increase in burn rate reflects a growing effort to reduce SHIB circulating supply, which can add deflationary pressure to the meme coin.

A reduction in supply, particularly when paired with growing demand or improved sentiment, may influence the meme coin’s market value.

The burning activity is considered a strategy to improve the token’s appeal by tightening the available supply.

The significant increase of SHIB burns occurred simultaneously, with general market growth that affected major cryptocurrencies, such as Bitcoin and Ethereum.

The SHIB bullish outlook strengthens following the burn surge which happened during a technical breakout period.

A recent analysis announced that SHIB eyes a 512% surge toward $0.000081 if the token can successfully move past the neckline resistance between $0.000015 and $0.000017.

However, over 22.7 trillion tokens held by wallets in the $0.000013 to $0.000015 range could create strong selling pressure and delay the upward move.

Shiba Inu Price Prediction

The current trading value of SHIB is $0.00001411. During the past week SHIB maintained a 15% growth increase which supports the wider enthusiasm within the crypto industry.

As both the technical breakout and the sharp burn increase align, conditions appear favorable for SHIB’s next move.

Another analyst, CryptoELITES, highlighted that Shiba Inu has entered a key buy zone with the potential for a 17x rally from current levels.

The projection depends on SHIB maintaining its support and breaking above a key resistance at $0.00021.

If successful, the price could reach as high as $0.00021, driven by bullish technical signals and a tightening token supply.

Additionally, Crypto analyst CryptoELITES has recently reaffirmed his predicted trajectory for Shiba Inu price.

The crypto analyst insisted that top meme coin will enter a buy zone that could trigger a substantial price increase to reach $0.00023, representing a 17X increase from the current level.