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$SHIB price has remained in a tight range in recent days as whales sold their coins and the closely watched burn rate plunged.

Shiba Inu (SHIB) was trading at $0.00001410, down 20% from its highest point this month, placing it in a local bear market.

Shiba Inu’s burn rate has also dwindled, with the 24-hour figure dropping 28% to 13.1 million. The largest $SHIB burn this week occurred on Monday, when a user incinerated 23 million coins.

The current $SHIB price action could be the calm before a breakout. The coin has formed a bullish pennant pattern, consisting of a vertical rally followed by a symmetrical triangle whose trendlines are nearing convergence. This pattern signals a potential bullish breakout.

The triangle section of the pennant also forms part of the handle in a larger cup-and-handle pattern, with a depth of 40%. Based on this structure, SHIB could rally toward $0.00002443, the highest point in January, representing a 70% gain from current levels. A drop below the support at $0.00001228 would invalidate the bullish outlook.