Shiba Inu (SHIB) price has closed three consecutive green weeks, signaling potential bullish momentum
Technical analysis suggests possible surge between 145% to 1,479% from current levels
SHIB is trading within a narrowing symmetrical triangle pattern that could lead to a significant breakout
Decreasing circulation supply with a burn rate that recently soared 1,562% to 11.8 million coins daily
Shibarium network recently crossed $1 billion transaction count with growing number of active addresses
Shiba Inu, the popular meme cryptocurrency, has quietly been building momentum despite staying out of the spotlight recently. The SHIB price has closed three consecutive green weeks, a pattern that has caught the attention of crypto analysts who believe this could be the beginning of a major price surge.
Currently trading at approximately $0.00001381, SHIB remains above its August 2024 low that preceded a 400% breakout. This positioning has led several analysts to suggest that SHIB may be on the verge of an even larger rally.
The meme coin has formed what appears to be a strong technical foundation for future growth. Technical analysts point to a narrowing symmetrical triangle pattern that has been developing since SHIB reached its all-time high of $0.00008616 in October 2021.
Technical Patterns Suggest Major Upside
The weekly chart reveals that SHIB recently bottomed at $0.00001080, a price level that coincides with an ascending trendline connecting the lowest price points from June 2023, October 2023, and March 2024. This trendline has repeatedly acted as strong support, with the price bouncing upward each time it approaches this level.
A pseudonymous crypto analyst highlighted that SHIB has formed a double-bottom pattern with a neckline at $0.000033, representing a potential 145% increase from current levels.
More bullish projections suggest SHIB could target $0.000139, which would represent an 894% rally from current prices and exceed its previous all-time high by 50%. The most optimistic forecast points to a price of $0.00023, which would equate to a staggering 1,479% increase.
The Relative Strength Index (RSI) has turned upward, moving from 35.8 to 43, further supporting the bullish case.
Supply Burns and Network Growth
One key factor potentially driving future price increases is the reduction in SHIB’s circulating supply. Shiba Inu started with a massive supply cap of over 999 trillion tokens, which has since decreased to 589 trillion. The daily burn rate recently surged by 1,562% to 11.8 million tokens, continuously reducing available supply.
This supply reduction occurs alongside growth in the Shibarium network, which recently surpassed $1 billion in transaction count. The network continues to see an increase in active addresses, showing growing adoption and usage.
The SHIB community, often referred to as the “SHIB Army,” has expanded to over 1.5 million addresses, creating a strong foundation of holders and supporters.
Market Conditions Becoming Favorable
Broader market conditions may also be aligning to support a SHIB rally. The risk of political uncertainty has eased, and there are indications of improving trade relationships that could benefit risk assets like cryptocurrencies.
If SHIB maintains its current momentum, April could mark its first positive monthly close after five consecutive months of negative performance. This would represent a key technical milestone and could attract more buying interest.
The price is already up approximately 11.5% from its opening price in April, despite recent daily fluctuations.
It’s worth noting that previous instances of three consecutive green weekly closes for SHIB haven’t always led to continued upward movement. In November-December 2024, a similar pattern was followed by a sharp downtrend, with three red weekly closes and only one green close in the subsequent eight weeks.
For now, SHIB remains in what analysts describe as a “prime buy zone,” with the potential for a breakout from its long-term consolidation pattern. Multiple successful tests of the triangle’s support line have demonstrated strong buying pressure at these levels.
The cryptocurrency currently has a market capitalization of approximately $8.14 billion, reflecting its position as one of the larger meme coins in the crypto ecosystem.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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