Shiba Inu (SHIB) has experienced a significant upward movement, climbing 22% on a weekly scale to reach a three-month peak. According to data from CoinGecko, the token's market capitalization surpassed $3.2 billion, maintaining its position as the second-largest meme coin.
Following the recent market revival, several analysts have shared their technical outlooks and projections for the asset. Crypto Patel noted that SHIB has undergone a macro correction and is trading within a historical accumulation zone. The analyst outlined a bullish scenario dependent on a weekly close above $0.000006697 and rising volume, while identifying a weekly close below $0.0000035 as an invalidation of the accumulation thesis.
Another analyst, Crypto With Gopal, pointed to a falling wedge formation and a long-term ascending structure, suggesting that a clean break above the upper trendline could potentially lead to a substantial increase. Additionally, market observers such as David Gokhshtein and Whale News Daily have commented on the broader momentum surrounding meme coins.
Despite the positive price performance, certain network metrics indicate potential headwinds. Data from shibburn.com shows that Shiba Inu's burn rate declined by more than 91% over the past month, leaving the asset's supply high. Furthermore, activity on the layer-2 scaling solution Shibarium has slowed, with daily transactions remaining in the thousands, which may signal weaker user engagement.
