Usman Salis
Shiba Inu (SHIB) is showing promising technical signals as it consolidates within a tight trading range. The meme coin appears poised for a significant price movement, with technical patterns suggesting a potential breakout could be imminent. Market participants are closely monitoring key resistance and support levels that could determine SHIB's next major price direction.
SHIB Price Prepares for a Major Move
Shiba Inu is currently trading around $0.00001223, stuck within a symmetrical triangle pattern that's been forming on the daily timeframe. This consolidation phase has traders on edge, as these formations typically signal an upcoming volatile move.
Market analyst @zenithzoro points out that everything depends on SHIB's ability to break above the crucial $0.00001400 resistance level.
If buyers can push through this barrier, we could see an explosive rally toward $0.00003000 - a massive 142% jump from current levels.
Burn Rate Surge Supports SHIB Price Outlook
The fundamentals are looking pretty bullish too. SHIB's burn rate went absolutely crazy in the past day, jumping by an insane 201,000%. This destroyed 4.5 million tokens permanently, which is great news for holders since it reduces the overall supply floating around.
The key level to watch on the downside is $0.00001100. If this support holds firm, SHIB should have enough foundation to launch its next big move. But if it breaks below this zone, the bulls might lose control and we could see more selling pressure.
Key Levels for SHIB Price
- Support Zone: $0.00001100
- Breakout Level: $0.00001400
- Target Zone: $0.00003000
If SHIB manages to clear $0.00001400 with solid volume behind it, the next stops could be $0.00002000 and higher. For now, traders are watching the triangle pattern closely, along with any major burn events that could spark the next big rally.
Usman Salis
