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Shiba Inu (SHIB) hit a high of $0.00001511 on April 26, 2025, its highest value this month in what experts refer to as a see-saw run. The meme coin failed to break a significant resistance level that contains a huge chunk of all SHIB coins in circulation, as per market information.
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Analysts Point To Possible 100% Price Jump
Analysts indicate that Shiba Inu may double in price if it can break through the lower resistance level close to its monthly high. Shattering the higher resistance at $0.000018 would equate to breaking what traders refer to as a 540 trillion SHIB sell wall – a pool of coins distributed over 152,700 wallet addresses.
🚨 #SHIB READY FOR A BREAKOUT! 🚀
CHART SHOWS A POTENTIAL TREND REVERSAL WITH A STRONG UPSIDE MOVE COMING. 💥 WATCH FOR A BREAK ABOVE RESISTANCE TO CONFIRM BULLISH MOMENTUM! 📈 pic.twitter.com/LwHOBPfwh6
— Market Spotter (@MarketSpotter) April 29, 2025
Market Spotter indicates that regaining the $0.000014 price level may decide SHIB’s direction for months to come. Almost 40% of those who own the dog-themed cryptocurrency are in profit at present.
A breakout above $0.000014 would reverse this figure, leaving the majority of SHIB owners in profitable positions for the first time in weeks.
Price Stuck In Narrow Trading Range
The meme coin now trades within a tight 24-hour price range of $0.0000130 to $0.00001374, according to recent charts from IntoTheBlock. While prices are consolidating, some large investors seem to be adding more.
The Chaikin Money Flow (CMF) indicator has once again turned positive, indicating renewed buying by deep-pocketed traders.
Although it has risen more than 10% this month, technical indicators are sending mixed signals. The Stochastic Relative Strength Index is between 11 and 9, indicating SHIB may be trading below what experts view as its fair market value. This is even as trading volumes have fallen in recent days.
Massive One-Day Token Burn Raises Eyebrows
Meanwhile, more than 280 million SHIB tokens were irreversibly taken out of circulation in one day. Based on tracking platform Shibburn, this is a 38,299% rise in the burn rate – an unprecedented increase that surprised many market observers.
Source: Shibburn
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This drastic burn lowers the circulating supply to around 584 trillion tokens. The SHIB community has long advocated for token burning as a means of inducing scarcity, which in theory would drive up the value of existing coins by lowering supply.
The recent burn is a stark reversal following weeks of declining token removal rates. This is seen by some as a sign of renewed confidence among “whales,” or large investors, as well as smaller token holders, but others caution that burn rates alone do not necessarily indicate price ascent.
Market participants are now closely monitoring if the synergy of technicals, increasing whale appetite, and token burning aggression will be enough for SHIB to break its strong resistance levels.
With general market sentiment picking up in cryptocurrencies, the next couple of weeks could be crucial for the direction of the price of the popular meme token.
Featured image from Gemini Imagen, chart from TradingView
