Over the past week, the Shiba Inu price has faced strong volatility, however, it has managed to hold above the $0.0000125 support levels. Furthermore, large volume transactions for SHIB and rising burn rate can serve as an additional catalyst for the same. Technical chart indicators show that a SHIB breakout can lead to an 81% upside for the second-largest meme coin.

Shiba Inu Price Breakout Can Trigger 81% Upside

Shiba Inu price is showing signs of a potential bullish reversal as it breaks out of a falling wedge pattern on the daily timeframe. The daily chart shows SHIB trading within a descending channel that has been in place since December 2024, with the price recently testing the upper boundary of this channel. The cryptocurrency reached a high of $0.00001303 and a low of $0.00001293 during this period as shown in the below image.

Source: Crypto SHIB

As shown in the above image, a breakout from this descending channel can trigger the next SHIB bull rally with a potential target of 81% on the upside.

Shiba Inu Transaction Volumes on the Rise

With the Shiba Inu price staging a rebound to $0.00001367 yesterday, the network has witnessed a large transaction volume for the same. On-chain data from IntoTheBlock revealed a significant spike in large Shiba Inu transactions, each valued at $100,000 or more, on March 20.

This coincided with the SHIB price seeing a surge past $0.000013 levels for the first time in a week. The total volume of these transactions rose to 7.49 trillion SHIB, valued at over $97 million at the $0.000013 price point. Thus, it shows a massive 197% jump from the 2.52 trillion SHIB traded the previous day.

Source: IntoTheBlock

 

The post Shiba Inu Price Eyes 81% Upside With SHIB Burn Rate Rising appeared first on CoinGape.

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Filed under: News - @ March 22, 2025 6:27 am