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Shiba Inu (SHIB) has faced a significant downturn this year, losing $12 billion in market value, which has left its price struggling. However, there are several factors suggesting that the ongoing decline might be nearing its end, and a potential surge of up to 60% could be on the horizon.
One of the key factors behind this potential surge is the recent spike in the burn rate of SHIB tokens. In the past 24 hours, the burn rate jumped by over 62,000%, mainly due to a single user sending almost 460 million SHIB coins to a dead wallet. This reduction in the circulating supply, with over 410 trillion SHIB coins burned since the token’s inception, could create upward pressure on the price of SHIB as the available supply decreases.
In addition to the burn rate, broader macroeconomic factors could also provide a boost to Shiba Inu. With fears of a recession due to Trump’s tariff policies, the market has been under pressure. However, historically, both the stock and crypto markets have tended to rebound after sharp declines. As the Federal Reserve potentially cuts interest rates in response to recession concerns, cryptocurrencies like SHIB could benefit from a more favorable investment climate, making it more likely for the price of SHIB to increase.
From a technical perspective, Shiba Inu is forming a falling wedge pattern on the daily chart, which is a typically bullish formation. The pattern has converged at a critical support level, and technical indicators like the Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) are showing bullish signs. These patterns suggest that SHIB may be on the verge of a strong breakout, with a potential rally that could take its price to the psychological level of $0.000020, representing a 60% increase from its current level.
Given these developments, it appears that Shiba Inu is positioning itself for a potential recovery. However, as with any cryptocurrency, market conditions can be volatile, and investors should remain cautious while keeping an eye on these key factors.
