Shiba Inu (SHIB), the popular meme coin, is gearing up for a massive price breakout. Prominent crypto analyst Ali Martinez recently shared a chart showing SHIB forming a symmetrical triangle on the 4-hour timeframe. According to him, this pattern could lead to a 17% price swing in the coming days.
But this isn’t just about chart patterns. Behind the scenes, SHIB’s on-chain activity is showing strong signs of momentum that could push the price higher.
Shib 17% Move Incoming?
Looking at the 4-hour chart shared by Martinez, Shiba Inu’s price is moving within two converging lines, forming what traders call a “symmetrical triangle.” This typically signals a period of price consolidation, during which the asset is preparing for its next significant move.
Right now, SHIB is hovering around the $0.00001446 range, caught between support around $0.00001430 and resistance near $0.00001474.
When the price gets squeezed like this, it eventually has to break out either up or down.
Martinez says the breakout could result in a 17% price swing. If it goes up, Shiba Inu could aim for the $0.000017 mark. If it breaks down, the price might fall below $0.00001340.
Whales Are Buying and Holding SHIB
On top of this, data shows that big investors are moving huge amounts of SHIB off exchanges, about 34.1 trillion tokens, which usually means they plan to hold, not sell.
In the last few days, 768 billion SHIB was taken out while only 266 billion was added back, showing strong buying interest.
Retail traders are also contributing. In the spot market, 338 billion SHIB was bought compared to 326 billion sold, meaning more people are holding than letting go.
Burn Rate Surges, Squueezing the Supply Pressure
Additionally, SHIB’s burn rate jumped over 1,400% in just 24 hours. One anonymous wallet burned 1 billion SHIB, worth about $13,000. Eventually, this wallet has a history of burning SHIB and still holds a large amount of tokens.
With fewer tokens available and demand rising, the price has a better chance of going up.
