With the potential catalysts of high trading volume and an increasing SHIB burn rate, Shiba Inu's price could break through by 81%.
In the past week, Shiba Inu has experienced significant price volatility but has successfully maintained the support level at $0.0000125. Moreover, the large transactions of SHIB and the continuously rising burn rate can serve as additional catalysts for its upward movement. Technical chart indicators suggest that a breakout for SHIB could bring an 81% increase for the second-largest meme token.
Shiba Inu price could trigger an 81% increase
Shiba Inu price shows potential bullish reversal signs as it breaks out of a descending wedge pattern on the daily time frame. The daily chart shows that SHIB has been trading within a descending channel that has existed since December 2024, with the price recently testing the upper limit of this channel. As shown in the chart, the cryptocurrency reached a high of $0.00001303 and a low of $0.00001293 during this period.
As shown in the above chart, breaking out of this descending channel could trigger the next round of a SHIB bull market rebound, with a potential target increase of up to 81%.
Shiba Inu trading volume continues to rise
With Shiba Inu's price rebounding to $0.00001367 yesterday, the network witnessed a significant increase in Shiba Inu trading volume. On-chain data from IntoTheBlock shows that on March 20, the number of large transactions for Shiba Inu surged, with each transaction valued at $100,000 or more.
Meanwhile, SHIB price has broken the $0.000013 mark for the first time in a week. The total trading volume for these transactions rose to 74.9 trillion SHIB, valued at over $97 million at the price of $0.000013. This represents a 197% increase compared to the 25.2 trillion SHIB traded the previous day.
Technical analysis of Shiba Inu (SHIB) and upcoming levels
With the recent price drop, this meme coin has reached a key support level and has been testing an upward trend line since March 9, 2025.
Additionally, SHIB's four-hour chart shows that since February 2025, this meme coin has been forming lower highs and lower lows. During this period, SHIB found support at the ascending trend line but then broke down. Since then, it has been following the same pattern.
Based on historical patterns and recent price actions, if this meme coin drops and closes below the $0.00001215 level, it may decrease by up to 10% in the next few days, dropping to the $0.0000111 level.
On the other hand, if this pattern fails, there is a high likelihood of a significant price increase, which could lead to a potential reversal.
