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. Bullish sentiment is being supported by chart patterns like the ascending triangle and cup-and-handle, both of which have been linked to breakouts in the past. Higher whale accumulation and robust on-chain activity add strength to the case for upward movement. With more investor demand and improved market conditions, SHIB seems poised for a gigantic breakout, further fueling expectations that it can soon “lose a zero” from its current price.

Resistance Breakout and Whale Activity Fuel Optimism

SHIB has broken the $0.000012 barrier level, even as trading volume fell 23% to $111.99 million.  Such a price rise, accompanied by declining volume, indicates institutional investment over retail-driven momentum.  Besides, a 173% increase in large-volume SHIB trades indicates that big players are carefully weighing their positions ahead of a potential breakout.

For retail investors, a peak past $0.0001 would not only be a psychological milestone but could propel SHIB’s market cap above $58 billion and perhaps even into the top ten cryptocurrencies.  Many analysts suggest that it will take sustained, powerful upward momentum as well as positive technical indicators and positive sentiment in the market to reach this level.

CoinGecko indicates a 7.6% rise in SHIB’s 24-hour trading volume, to $112.8 million, with a market capitalization of $7.2 billion. SHIB has increased 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 increased by 0.60%, beating the larger crypto market, which has declined 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 start of a possible five-wave bullish series. If this pattern plays out as projected, SHIB may soar to $0.00014, exceeding its previous all-time high. Wave B of the corrective phase seems to have terminated at $0.000012, which aligns with SHIB’s recent resistance breakout and whale accumulation, both of which are considered as initial signals for an extended rally.

Burn Rate and Supply Reduction Add Deflationary Pressure

Another reason why Shiba Inu (SHIB) price is rising is due to its deflationary mechanism. The burn rate of the token has risen by 3,200%, significantly reducing its circulating supply, possibly triggering a supply shock if demand keeps increasing. In the last 24 hours, 17.5 million SHIB were burned, primarily as a result of a single huge transaction. This heightened burn activity, alongside increased whale engagement, may pump SHIB’s price.

Conclusion

Shiba Inu’s open interest has risen to $116 million, indicating growing confidence among traders. With positive funding rates and many opening long positions, the market sentiment remains bullish.This strong interest suggests SHIB could experience significant price movement, potentially reaching $0.00001 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 taking long positions on Shiba Inu. This growing interest from traders betting on price increases reflects a bullish market sentiment.

Source: Coinfomania / Digpu NewsTex