Shiba Inu (SHIB), the popular meme coin, is once again under the spotlight as bullish technical patterns and a massive surge in token burn rate fuel optimism among traders. A well-followed market analyst known as ALLINCRYPTO has identified a classic falling wedge formation, a technical pattern that often signals a reversal to an uptrend.
The chart pattern, which has been forming since December, features two converging downward trendlines. These lines typically suggest waning bearish momentum and hint at a potential breakout, which aligns with the broader bullish sentiment sweeping the crypto markets. Over the past week, Shiba Inu has already climbed 11%, trading around $0.00001320 at press time.
This predicted breakout comes at a time when Bitcoin has surged to $94,000, lifting the overall crypto market and increasing investor appetite for altcoins like SHIB.
SHIB Burn Rate Spikes 1300% in 24 Hours
Adding to the bullish case, Shiba Inu’s burn rate has soared by 1300%, significantly reducing the circulating supply and fueling speculation of an imminent price surge.
According to Shibburn, a platform that tracks SHIB token burns:
- Over 27.82 million SHIB tokens were destroyed within the past 24 hours
- This marked a 1361% increase in the daily burn rate
Token burning reduces available supply, and in theory, supports higher prices if demand remains steady or grows. As more SHIB tokens are removed from circulation, upward pressure on price could intensify, especially amid rising investor interest.
Futures Data and Predictions Support Upside
Market indicators are also leaning bullish. Recent data from Coinglass reveals that SHIB’s futures open interest (OI) jumped to $162.85 million, a signal that leveraged traders are positioning for price movement.
CoinGape analysts added to the optimism by projecting SHIB could reach $0.0000141 before the end of April, citing bullish market structure and increased accumulation.
Key bullish drivers include:
- A confirmed falling wedge pattern
- 1300%+ spike in burn rate
- $162.85M open interest in SHIB futures
- Analyst price target of $0.0000141
Bottom Line:
Shiba Inu is showing strong signs of a bullish reversal, backed by technical analysis and an aggressive burn rate. While profit-taking may slow momentum, current data suggests SHIB could test higher resistance levels in the near term.
