TLDR
- Shiba Inu (SHIB) has closed three consecutive green weeks, signaling potential bullish momentum
- Analysts predict possible price targets ranging from 145% to 1,479% increases from current levels
- SHIB is trading within a symmetrical triangle pattern that could lead to a significant breakout
- The coin’s burn rate recently soared by 1,562% to 11.8 million, reducing total supply
- Shibarium network recently crossed $1 billion in transaction count with growing active addresses
Shiba Inu has quietly been building momentum, closing three consecutive weeks in the green despite not receiving the same attention as other meme coins like Dogecoin. Currently trading at around $0.00001381, SHIB is showing signs of a potential breakout after a long period of consolidation.
The meme coin is still trading above its August 2024 low, which preceded a 400% price surge. This positioning has caught the attention of several crypto analysts who believe SHIB could be on the verge of a much larger move.
Technical Analysis Suggests Explosive Potential
On the weekly chart, SHIB has formed what appears to be a double-bottom pattern with a neckline at $0.000033, representing a possible 145% upside from current prices. The Relative Strength Index (RSI) has turned upward, moving from 35.8 to 43, adding technical support to the bullish case.
More optimistic analysts point to a narrowing symmetrical triangle pattern that has been forming since SHIB hit its all-time high of $0.00008616 in October 2021. This pattern shows multiple successful tests of the triangle’s support line, each marked by price rebounds.
If SHIB breaks above the triangle’s upper boundary, some predict a potential 17X surge toward the $0.00023 price level. Others forecast targets of $0.000139 (an 894% rally) or even $0.000220 (a 1,479% increase).
Supply Reduction Through Burning
One factor potentially supporting SHIB’s price is the ongoing reduction in circulating supply. Shiba Inu started with a supply cap of over 999 trillion tokens, which has now dropped to 589 trillion.
The daily burn rate recently jumped by 1,562% to 11.8 million tokens. This systematic reduction in supply, if demand remains constant or increases, could apply upward pressure on the price.
Shibarium Network Growth
The Shibarium network, SHIB’s layer-2 scaling solution, recently crossed the $1 billion transaction count milestone. The number of active addresses on the network continues to rise, showing growing usage and adoption.
This network growth, combined with SHIB’s active community of holders (known as the SHIB Army) which now exceeds 1.5 million addresses, provides a foundation for potential price appreciation.
Warning Signs from Previous Patterns
While the current technical setup appears bullish, history suggests caution. The last time SHIB saw three consecutive green weekly closes (in November-December 2024), it was followed by a rapid downtrend with three red weekly closes.
In fact, SHIB only saw one green weekly close in the eight weeks that followed that pattern. If this sequence were to repeat, SHIB could see a downtrend before eventually picking up again.
Market Conditions Improving
The broader crypto market conditions may be turning more favorable for risk assets like SHIB. Reduced political uncertainties and improving trade relations could provide a more supportive environment for cryptocurrencies.
The monthly chart for SHIB is tilting into a bullish stance. If the upward trajectory holds, Shiba Inu is on course to register its first positive monthly close in April after five consecutive months of negative closures.
Despite a short-term pullback, with SHIB down 5.5% over the past 24 hours, the meme coin is still up by approximately 11.5% from its opening price in April.
The key question now is whether the broader crypto market will provide the momentum needed to trigger a SHIB price rally that breaks above the symmetrical trendline.
For now, SHIB remains above its critical support level, which coincides with the ascending trendline connecting the lowest swings since June 2023. Historically, the price has struggled to move below this level, suggesting it may serve as a strong foundation for future moves.
