- Shiba Inu surged 21% in a week, reaching $0.00001550 before stabilizing at $0.00001450.
- Burn rate skyrocketed 57,069%, with over 1 billion SHIB removed on March 27.
- Analyst predicts a breakout; SHIB could gain 2x if the resistance level is successfully surpassed.
Shiba Inu (SHIB) has been on a strong uptrend, gaining 21% over the past week. The price jumped from $0.00001280 on March 21 to a high of $0.00001550 on March 26, fueled by growing investor confidence and renewed interest in meme coins.
Despite a minor pullback, SHIB has held solid support at $0.00001400 and is currently trading at $0.00001450 as of March 27. This stability suggests that bullish momentum is still intact, with analysts predicting that a 2x surge could be in the making.
Descending Channel Signals SHIB Surge
Crypto trader ‘World Of Charts’ recently shared an optimistic outlook on SHIB’s price movement. According to the analyst, the token has been breaking out of a descending channel range, a pattern that often signals a strong upward move. A successful breakout could trigger a solid rally in the coming days, with the potential for 2x gains
Javon Marks, another well-known analyst, echoed this sentiment, noting that Shiba Inu is showing clear signs of strength. He believes that a rally to $0.000081 is possible, further fueling the bullish case.
From a technical standpoint, key indicators are aligning in favor of an upward breakout. The Keltner Channel (KC) shows Shiba Inu is testing its mid-range resistance at $0.00001334, with the next resistance level at $0.00001507. A decisive move above this range could send SHIB soaring toward $0.00002000, confirming the start of a major uptrend.
The Relative Strength Index (RSI) sits at 58, suggesting SHIB still has room for gains before entering overbought territory. The MACD has triggered a bullish crossover, a classic signal of increasing momentum, while the Awesome Oscillator (AO) has turned positive at 0.00000046, reinforcing market optimism.
1B Shiba Inu Burn Spurs Optimism
In addition to bullish technicals, SHIB’s on-chain activity has seen a notable surge in interest. The burn rate surged by 57,069% on March 27, removing over 1 billion tokens from circulation in just 24 hours. This massive reduction in supply has sparked excitement among traders.
One standout transaction came from a wallet ending in -82e3, which sent 1 billion Shiba Inu to a burn address. This marked the second time within three days that the same wallet executed a one-billion-coin burn, further tightening supply.
Marketing expert Lucie confirmed the transaction, stating, “There was another 1B SHIB burn. Totally same address burned 2B SHIB in a 3-day frame.” Her statement highlighted the growing impact of recurring burns on the token’s long-term value.
Across multiple transactions, a total of 1,006,913,405 SHIB was removed from circulation in just a day. Smaller burns of 2,500,000 and 2,118,557 SHIB also contributed, with seventeen burns recorded in total.
With continuous burns reducing the available supply, market dynamics are shifting in favor of higher prices. Many traders now see these burn events as major catalysts for SHIB’s long-term growth.
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