Shiba Inu price remains in a freefall as investors remain fearful ahead of Donald Trump’s Liberation Day tariff implementations. The coin has crashed for five days, erasing most gains made earlier this month, and moving to its March 14 low. Fundamentals, including the rising number of holders, and its technicals point to a big surge.
Shiba Inu Price Could Rise as Holders Reach 1.5 Million
On-chain data show that the number of Shiba Inu coin holders has continued rising even as the coin crashed from $0.00003341 to $0.00001200.
Data shows that the number of SHIB holders has crossed the important 1.5 million milestone, making it one of the most held coins in the market.
This growth is mostly because Shiba Inu has some of the best fundamentals in the meme coin industry. It is highly deflationary, with the number of SHIB coins in circulation being 584 trillion, down from 999 trillion since its inception.
The SHIB burb rate jumped by 750% on Monday to 17.1 million. Just last week, two SHIB holders burned 1 billion SHIB tokens in separate transactions. Token burns help to boost a coin value by making the remaining ones rarer.
Shiba Inu also unveiled Shibarium, a layer-2 network whose transactions are nearing 1 billion, and the number of addresses has soared to 193.5 million. Recent data shows that the total value locked in Shibarium has soared by over 20% in the 30 days.
SHIB Price Signal Points to a Surge
The daily chart paints a gloomy picture of the SHIB price. It peaked at $0.00003341 in December and has now plunged by over 63%. Its attempts to recover have faced substantial resistance, with the most recent one being at $0.00001565, where it formed a shooting star candlestick, a popular bearish sign.
However, a closer inspection shows that the Shiba Inu price has formed some bullish patterns that point to an eventual recovery. It formed a falling wedge pattern between November and mid-March this month.
SHIB moved slightly above the upper side of the wedge pattern and reached a high of $0.00001566. The recent drop, therefore, is likely part of the break-and-retest pattern, where an asset retests a key level. In this case, it wants to retest the upper line of this wedge.
Most notably, Shiba Inu price is at a key level where it has failed to move below since July last year. That is a sign that it has formed a quadruple bottom whose neckline is at $0.00003340.
Therefore, the coin will likely bounce back as bulls target last December’s high of $0.00003340, up by 175% above the current level. A drop below the key support at $0.00001080 will invalidate the bullish Shiba Inu forecast.
The post Shiba Inu Signal Points to Price Soaring 175% as SHIB Hits a 1.5M Milestone appeared first on CoinGape.
