SHIB Price Breaks Out of Resistance, Targeting $0.0001 as Burn Rate Soars 3200%

Shiba Inu (SHIB) picking up steam, with bullish technical indicators, higher trade volumes, and a rising token burn rate signaling a likely move to $0.0001.

Shiba Inu (SHIB) is quickly approaching the $0.0001 barrier as technical indicators are heating up, trade volume is getting higher, and the token burn rate is rising.

Shiba Inu has now broken the $0.00012 barrier level, even as trading volume went down 23% to $111.99 million.

Chart of SHIB price showing recent price movements and key technical levels. Credit: TradingView

Such a price rise, accompanied by less volume, indicates that institutional investment is impacting the token more than retail-driven momentum.

A 173% rise in large-volume SHIB trades also shows that big players are carefully adjusting their positions ahead of a potential breakout.

For smaller investors, breaking past $0.001 would be a key psychological milestone and push SHIB’s market cap above $58 billion, possibly placing it among the top ten cryptocurrencies.

Many analysts suggest that it will take sustained and powerful upward momentum, as well as positive technical indicators and sentiment in the market to reach this level.

CoinGecko data shows a 7.6% rise in SHIB’s 24-hour trading volume, now at $112.8 million, and a market capitalization of $7.2 billion. SHIB has risen by 3.46% over the past 24 hours, overcoming the $0.000012 resistance level that has been holding it back in recent weeks.

In the past seven days, SHIB has risen by 0.60%, outperforming the larger crypto market, which went down by 1%. At press time, SHIB was trading at $0.00001225.

Technical Structure Aligns with Elliott Wave Bullish Forecast

Technical analyst CaptToblerone applied Elliott Wave Theory to SHIB’s present price structure, finding the end of a corrective wave and the beginning of a possible five-wave bullish series.

If this pattern plays out as projected, SHIB may rise to $0.00014, surpassing its previous all-time high.

“If we’re operating in a count of C-3-4-5, then I think we’ve completed B in a 3-4-3-4 structure at the .0117 lows (orange). From there we’ve seen a strong bounce and the start of what looks like five smaller waves.”

“We’re now at the 0.012 level, which is the 1.272 fib of the last down move (from the 1.0 to .618 fib). We’ve also seen a triple bottom form at this level, which adds another layer of support.”

“If this theory plays out, then we should expect to see a final push to the 1.618 fib level (around .0167) before the whole corrective phase is complete. After that, we can expect to see a five-wave move up.”

“The fib levels align almost perfectly with the previous highs and lows, which makes sense given that fib is a time-based analysis tool and Elliott Wave is a price-based analysis tool.”

“Both tools are useful in their own way, and when used together, they can provide a comprehensive view of the market.”

CaptainToblerone

Chart showing Elliott Wave analysis of Shiba Inu with breakout from $0.012 and whale optimism. Source: CaptToblerone on TradingView.

CaptainToblerone

Both technical analysis and chart patterns are optimistic. A triple bottom pattern formed at the $0.00012 level, known for signaling a reversal, and the ascending triangle, typically linked to breakouts, have been noted by analyst Ali.

Moreover, whales appear to be accumulating SHIB ahead of a large move, evident from a 173% surge in large-volume SHIB trades.

Finally, robust on-chain activity, such as a 3,200% increase in the SHIB burn rate, signals heightened investor demand and interest in the token.

More Investor Demand and Better Market Conditions Fuel Hopes For Gigantic Breakout

Shiba Inu’s open interest has risen to $116 million, showing that traders are becoming more confident in the token.

With positive funding rates and many traders opening long positions, the market sentiment remains bullish.

This strong interest suggests that SHIB could experience significant price movement, potentially reaching $0.0001 and a $58 billion market cap.

According to data from Coinglass, the rising open interest coupled with positive funding rates suggests that many traders are betting on price increases in Shiba Inu.

This growing interest from traders putting up capital to wager on price gains reflects a bullish market sentiment.