- SHIB forms a symmetrical triangle, signaling potential breakout toward $0.00023
- Despite bearish MACD, oversold RSI hints at possible short-term rebound ahead
- Over 410T SHIB burned, supporting long-term value through aggressive supply cuts
Shiba Inu (SHIB), one of the most followed meme-based cryptocurrencies, may be quietly setting the stage for a significant breakout. Despite the current bearish indicators and short-term price dips, some analysts believe a larger move could be brewing.
According to market analyst CryptoELlTES, SHIB is currently forming a symmetrical triangle pattern, often seen as a precursor to strong price action. This technical setup, paired with signs of accumulation and investor patience, suggests that the current lull might only be the calm before a bullish storm.
The symmetrical triangle pattern on the chart shows consolidation between key support at $0.00001150 and resistance near $0.00002000. A breakout above the upper resistance line could push the price sharply higher, with CryptoELlTES projecting a target price of $0.00023 a potential 17x gain from current levels.
Everything is just getting started for SHIB.
— @CryptoELlTES (@CryptooELITES) June 11, 2025
🎯 Target: 17x
Just hold and be patient.#SHIB $SHIB #Shiba pic.twitter.com/Twypcgu2jt
Technical Indicators Signal Caution
As of press time, SHIB is trading at $0.00001161 after a modest daily decline of 0.77% and a weekly drop of 9.09%. Despite this, investor sentiment remains cautiously optimistic.
While optimism around SHIB builds, technical indicators tell a different story. The Moving Average Convergence Divergence (MACD) currently sits below the zero line, highlighting a bearish trend. There is no strong crossover or divergence to suggest a reversal just yet. Additionally, the histogram reflects weak momentum, indicating limited trading activity.
The Relative Strength Index (RSI) stands at 35.22, placing SHIB in oversold territory. This could imply that sellers are currently in control.
However, a dip near the 30-level often invites short-term buying interest. If the RSI bounces, it could trigger a temporary upward price move, potentially aligning with the expected breakout from the triangle formation.
Burn Mechanism and Supply Dynamics Support Long-Term View
Beyond technicals, SHIB’s tokenomics present long-term upside potential. A key factor is the community-led token burn initiative, aimed at reducing the massive supply. Over the last 24 hours, the Shiba Inu burn rate has dropped by 100.00%, indicating a temporary pause in these efforts.
Despite this dip, the community has already burned over 410 trillion tokens from a total supply that once neared one quadrillion. This ongoing reduction reflects a strategic push to limit supply and enhance token value. Currently, around 584 trillion tokens remain in circulation, with nearly 4.7 trillion staked as xSHIB.
