- SHIB’s price forms a cup & handle pattern, with key resistance at $0.000031177. A breakout could lead to a 10 times rally.
- SHIB burn rate fell by 58.77% in 24 hours but surged 3,607.44% in a week. Supply reduction remains a crucial factor.
- Analysts see $0.000047 as key resistance. A break above could push SHIB toward all-time highs, but volume remains a concern.
Shiba Inu (SHIB) has struggled in bearish levels despite the broader bullish trend in the crypto market. While other major digital assets have had gains, SHIB remains in a slow moving phase. At press time on February 5, SHIB was trading at $0.00001645, a 5.55% increase in the last 24 hours. However, it has dropped 10.57% over the past seven days and 31.93% in the last month.
SHIB Burn Rate Drop
According to Shibburn, SHIB’s market cap is at $9.55 billion, a 4.11% increase. The total supply remains at 589.25 trillion tokens.
The token burn rate has declined substantially in the last 24 hours. Only 6.08 million tokens were burned, a 58.77% decrease. Over the past seven days, however, 1.17 billion tokens were burned, showing a sharp 3,607.44% rise.
According to Crypto Elites, SHIB’s predicted target is at $0.000085171, $0.000183312, and $0.000472905. The analyst noted that a decline in Bitcoin dominance could shift momentum in SHIB’s favor.
Price Moves Indicate Potential Breakout
SHIB’s price pattern shows a cup and handle structure, suggesting a possible continuation of its upward movement. The pattern’s peak from 2021 to 2022 and a potential peak in 2025 act as crucial resistance levels.
The price forms the cup, while the handle takes shape near $0.000031177, which aligns with the 61.8% Fibonacci retracement level. A move above $0.00031177 is necessary for a stronger uptrend. Failure to break this resistance may push SHIB back to $0.00016471.
Analyst View and Resistance Levels
According to Javon Marks, SHIB has confirmed bullish patterns that could lead to a price surge. Marks stated that SHIB has broken out of a long term resistance trend, suggesting a possible rally toward $0.000081. This is a 10 times move, with the potential to reach $0.0001553, an 840% increase.
The recent price consolidation and pullback, according to Marks, has strengthened SHIB’s position for a more sustained upward movement. Strong buyer activity during the last dip indicates continued demand, which could help push the price higher.
SHIB formed a rounded bottom, suggesting a long term reversal. The price had been in a downward trend since its all time high of $0.00007979 in 2021. A breakout attempt in late 2022 to early 2023 led to a confirmed support level. Since then, SHIB has tested this breakout level and remains in a position for a potential upward continuation.
Resistance is at $0.000047 and $0.00008523, while support is near $0.000008. A move above $0.000047 could lead to a retest of all time highs, while failure to maintain support could result in further retracement. Volume remains low, meaning a substantial price move would require stronger market activity.
