- SHIB burn rate soared a significant 284.37% in the past 24 hours with 12.5 million SHIB burned.
- An analyst said that SHIB has seen strong demand in January and formed a W bullish reversal pattern.
- The SHIB RSI reads a value of 37.67 which confirms that the sellers are currently in charge of the price action.
Shiba Inu (SHIB) has underperformed compared to rival meme coins like Dogecoin (DOGE) and Pepe (PEPE) this cycle, leaving investors frustrated. While other meme coins saw exponential gains, SHIB is up 99% year-to-date, with a market cap of $10.94 billion.
CoinMarketCap data shows SHIB’s 24-hour trading volume jumped 18%, while its price rose 2% to $0.0000186. Meanwhile, the burn rate surged 284.37%, with 12.5 million SHIB permanently removed from circulation. To date, a staggering 410.743 trillion SHIB have been burned.
Is SHIB Gearing Up for a Breakout?
According to InvestingHaven, a market analyst on X (formerly Twitter), SHIB stands out in 2025, maintaining strong investor demand despite a 20% decline in January. The analyst highlighted a bullish “W” reversal pattern, which could drive SHIB toward $0.0001 if momentum holds.
From the chart it is clear that SHIB’s price action is currently trading within key Fibonacci levels, with a breakout possibly triggering a rally. While it remains 78.9% below its all-time high, optimism is building as altcoin ETF proposals gain traction in the broader crypto market.
Related: Shiba Inu Battles Resistance Levels as Whales Bet Big on Recovery
SHIB Price Analysis: Can It Reach $0.0001?
The Relative Strength Index (RSI) sits at 37.67, indicating bearish control over SHIB’s price. However, the upward slope suggests growing buying pressure, making a retest of $0.000020 a strong possibility.
Related: SHIB Price Prediction: Can It Surpass $0.000083 in the Next Bull Run?
Meanwhile, the MACD indicator recently confirmed a bearish divergence on the daily chart. The MACD line and signal line are moving closer, hinting at a potential shift in momentum. While the histogram remains red, a crossover could signal a reversal in price action.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
