Shiba Inu early-stage bull pattern points to a 40% – 135% surge

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Shiba Inu is in recovery mode after plunging to a multi-month low of $0.00001090 earlier this month.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Shiba Inu has rebounded to $0.000014, up 32% from its March low. It’s now hovering near its highest level since March 3. The recent SHIB price surge comes as the token’s burn rate skyrockets. According to ShibBurn, the burn rate soared by over 34,655% on Thursday after one user burned 1 billion SHIB. Another user incinerated a similar amount earlier this month. Token burns help make SHIB a deflationary asset. Over the years, the network has burned more than 410 trillion tokens, with the circulating supply now standing at over 584 trillion.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Technical indicators suggest the Shiba Inu price could continue climbing in the short term. The daily chart shows SHIB has formed a falling wedge, a bullish reversal pattern that often signals the end of a downtrend. This pattern consists of two descending and converging trendlines, showing consolidation before a breakout. SHIB has now broken above the wedge’s upper boundary, confirming the bullish breakout. It has also crossed above the 25-day moving average, reinforcing the momentum.