Shiba Inu (SHIB) might be staring at making a comeback after being in the red in the past month, based on an 18.3% drop.
Market analyst Tektonic pointed out, “SHIB is showing early signs of a bullish reversal, with a potential recovery toward $0.000017 in sight. Funding rates have flipped negative, signaling reduced bullish leverage — often a precursor to rebound moves.”
At the time of writing, SHIB was trading at $0.00001161, representing a 6.6% increase in the past 24 hours.
Tektonic added, “A reversal pattern is forming on key timeframes, aligning with prior price behavior before upside swings.”
SHIB’s bullish narrative is being supported by a skyrocketing burn rate to the tune of 5,404.46%, according to Shibburn data.
Burning tokens means permanently removing them from circulation by sending them to an unusable wallet or a “dead address.”
This results to dimished overall SHIB supply, and depending on supply-demand economics, price might increase if demand increases or stays the same.
Shiba Inu Bulls Remain Steadfast
As Shiba Inu edges closer to the psychological price of $0.000012, the second-largest meme coin is creating higher lows, which could cement its bullish outlook.
Crypto analyst Bit Guru acknowledged, “With bulls defending higher lows and maintaining volume, a breakout could send SHIB toward the $0.00001280–$0.00001350 zone. If momentum picks up, meme coin hype could fuel the next leg.”
Higher lows typically show buyers are stepping in at higher prices than before, signalling that bears are losing ground as bulls continue gaining control.
Therefore, every higher low acts as a new support zone, meaning that if SHIB maintains this momentum, the 19th-largest cryptocurrency based on market capitalization will likely witness a sustained uptrend.
Meanwhile, the SHIB Army envisions a 195% price explosion with a seemingly imminent bullish reversal pattern.
