Crypto analyst MiguelFT Curado has forecasted a potential 30% Shiba Inu price explosion, citing cup and handle pattern.
According to his TradingView analysis, SHIB may be forming a rounded bottom pattern on the daily chart, suggesting a change from a long-term downtrend into a possible uptrend. At the time of writing, Shiba Inu price trades at $0.00001289, marking a 2.33% increase over the past 24 hours.
Shiba Inu Price Forms Reversal Pattern Amid Recovery
Per MiguelFT Curado’s chart, SHIB is likely in a rounded bottom formation. This is a technical chart pattern that can suggest a possible end to a bearish phase.
Shiba Inu Price Prediction
Per the analyst’s chart, after a potential brief decline, the key breakout level appears near $0.00001274. A confirmed break above this could trigger bullish continuation.
If momentum holds, the next projected target is around $0.00001678, which would represent a 30% increase from the breakout point.
The RSI (Relative Strength Index) currently sits near 52, which is considered neutral. However, the downward movement suggests that bearish momentum is possible in the near term, although a reversal might happen soon if bullish pressure resurfaces.
Market Conditions Support Short-Term Optimism
Despite recent gains, market conditions for SHIB remain mixed. The token has seen a drop in daily trading volume by 2.61%, according to CoinMarketCap. Current volume is $133.6 million, which still indicates moderate investor activity. This volume trend suggests some caution among traders but does not yet show a full reversal of interest.
Data from IntoTheBlock reveals that 59% of SHIB holders are currently “out of the money,” meaning they are holding at a loss.
Only 4% are at break-even, while 37% are in profit. The high number of holders at a loss may be contributing to reduced retail interest and cautious market behavior. Still, SHIB’s long-term holding pattern shows that 78% of holders have kept their tokens for more than a year, indicating continued belief in the token’s potential.
Supply Data and Burn Rate Movement Could Impact Shiba Inu Price
Meanwhile, SHIB’s total supply remains at 589 trillion tokens. Burn metrics show mixed trends. In the past 24 hours, only 420,814 tokens were burned, a 97.49% decrease from the previous day’s figure. However, the 7-day burn total reached over 329 million tokens, up by over 350%.
HOURLY SHIB UPDATE$SHIB Price: $0.00001289 (1hr 0.07% ▲ | 24hr 2.33% ▲ )
Market Cap: $7,595,945,614 (2.37% ▲)
Total Supply: 589,251,657,804,447TOKENS BURNT
Past 24Hrs: 420,814 (-97.49% ▼)
Past 7 Days: 329,633,128 (358.82% ▲)— Shibburn (@shibburn) May 7, 2025
Although the burn rate dropped recently, the weekly total suggests long-term efforts to reduce supply are ongoing. A consistent burn rate may support Shiba Inu price increases over time, especially if demand continues to grow or stabilize. However, the current figures are too small to make any difference.
