Shiba Inu (SHIB) Price Prediction: Crypto Analyst MiguelFT Curado Forecasts a Potential 30% Explosion

Crypto analyst MiguelFT Curado has predicted a 30% surge in Shiba Inu price, highlighting a cup and handle pattern on the daily chart.

According to his TradingView analysis, SHIB may be forming a rounded bottom pattern, suggesting a shift from a long-term downtrend into a possible uptrend. At the time of writing, Shiba Inu price trades at $0.00001289, showing a 2.33% increase over the past 24 hours.

Shiba Inu Price Forms Reversal Pattern Amid Recovery

As per MiguelFT Curado’s chart, SHIB is likely in a rounded bottom formation. This is a technical chart pattern that can suggest a possible end to a bearish phase.

After a potential brief decline, the analyst identifies the key breakout level at around $0.00001274. A confirmed break above this point could set the stage for bullish continuation.

If momentum persists, the next projected target lies at approximately $0.00001678, which would amount to a 30% surge from the breakout level.

The RSI (Relative Strength Index) hovers close to 52, generally considered a neutral zone. However, the downward trajectory suggests that bearish momentum might be stronger in the short term. Conversely, a reversal is likely if bullish pressure resurfaces.

Market Conditions Support Short-Term Optimism

Despite recent gains, market conditions for SHIB remain mixed. The token has experienced a 2.61% drop in daily trading volume, according to CoinMarketCap. At present, volume stands at $133.6 million, still indicating moderate investor activity.

This volume trend suggests some caution among traders but does not yet denote a complete reversal of interest.

Data from IntoTheBlock reveals that 59% of SHIB holders are currently “out of the money,” implying they are holding at a loss. Only 4% have reached break-even, while 37% are in a profit-making position.

The high percentage of holders at a loss may be contributing to reduced retail interest and cautious market behavior.

However, SHIB’s long-term holding pattern shows that 78% of holders have kept their tokens for more than a year, suggesting continued belief in the token’s potential despite market fluctuations.

Supply Data and Burn Rate Movement Could Impact Shiba Inu Price

Meanwhile, SHIB’s total supply remains at 589 trillion tokens. Burn metrics show mixed trends. In the past 24 hours, only 420,814 tokens were burned, a 97.49% decrease from the previous day’s figure. However, the 7-day burn total reached over 329 million tokens, showing an increase of over 350%.

Although the burn rate dropped recently, the weekly total suggests that long-term efforts to reduce supply are ongoing. A consistent burn rate may support Shiba Inu price increases over time, especially if demand continues to grow or stabilizes. However, the current figures are too small to make any difference.