Shiba Inu (SHIB), a popular meme coin, is gaining attention as it finally breaks out of a long-term downtrend! With a massive 57,000% jump in its burn rate and strong bullish signals, traders are expecting a big rally soon. Currently trading around $0.000014, Shiba Inu (SHIB) could double in price, says a prominent crypto analyst.
Shiba Inu Breaks Key Level – Is a 2x Coming?
According to World of Charts, Shiba Inu (SHIB) has successfully broken out of a key descending channel, signaling a big move ahead. If momentum continues, SHIB could potentially see a 2x surge from its current levels.
As per the analysis, SHIB had been trading inside a descending channel for months, struggling to gain upward momentum. However, the recent breakout above this pattern signals a shift in trend. A successful breakout often indicates the end of a downtrend, opening doors for a significant price surge.
Looking at the chart, the breakout could push SHIB toward the 0.00001780 level, marking a potential 115% increase. If this level is reached, it could bring renewed excitement among investors.
SHIB Burn Rate Skyrockets 57,091%
Shiba Inu (SHIB) is showing strong bullish signs as its burn rate explodes by a staggering 57,091% in just one day! According to Shibburn’s latest data, over 1 billion SHIB tokens were permanently removed from circulation in the last 24 hours, fueling excitement among investors.
With supply shrinking rapidly, traders believe this could drive SHIB’s price higher, following the classic supply-and-demand rule.
SHIB Price Outlook
Currently, SHIB is trading around $0.00001439, though it has dipped by 6.6%. However, the Relative Strength Index (RSI) has surged above 58.7, signaling growing bullish momentum. This marks a major shift from the oversold levels seen in February and early March.
SHIB is now holding strong above the crucial $0.00001300 support level. If this bullish trend continues, analysts predict a breakout, potentially setting SHIB up for a massive rally in Q2 2025!
