On March 10th, the price of Shiba Inu Coin rose 7% as the crypto market surged and the burn rate exceeded 162%.
Conclusion
- Shiba Inu rose more than 7% on Tuesday as the price of crypto rose again.
- The coin burn rate increased by 162% to 6.5 million.
- It has formed a low-high pattern, which points to an eventual reversal.
Shiba Inu Token (SHIB) was trading at $0.0000058, a few points above the year low of 0.00000525. It remains 83% below its peak in 2025.
On the positive side, the coin burn rate increased by 162% in the last 24 hours to over 6.58 million. After burning 410 billion from the initial offering, the volume of transactions decreased to 585 billion. Burning tokens reduces the supply of coin circulation and inflation.
Meanwhile, futures data suggests the market is doing well. Futures open interest rose to $62.8 million on Wednesday, up from last week’s low of $53 million. An increase in open interest is a sign of increased demand in the futures market.
Shiba Inu volume on the spot market also increased this week. It reached more than $143 million, down from $100 million last week.
Another potential catalyst for the index is recent developments in the Middle East, where Donald Trump is seeking to defuse the crisis after the stock market plunged and crude oil prices rose to their highest point since 2022.
Technical analysis of Shiba Inu Coin prices
A look at the three-day chart shows that the coin remains in a bear market this year. However, this decline is losing momentum, as indicated by the Average Directional Index, which has moved sideways since January.
On the positive side, the coin has formed a large falling pattern consisting of two descending and converging trend lines. There are signs that these two lines are close to converging, which is where bullish breakouts usually occur.
At the same time, the Stochastic Relative Strength Index rose from 20 in January to 55 today. This is an indication that it has formed a pattern of high variance.
Therefore, the probability of SHIB price prediction is high and the next main target is at the level of the 50-day exponential moving average at $0.0000080. If it falls below the year-to-date low, the upside will be invalidated.
