Is Shiba Inu Price Due for 80% Rally in April As SHIB Escapes Falling Wedge Pattern?
Highlights
- Shiba Inu price is on the verge of an 80% rally in April 2025 after breaking out of a falling wedge pattern.
- If SHIB defends support at the wedge's trendline and buying pressure increases, it could bolster more gains.
- A surge in the SHIB burn rate and the heightened activity on Shibarium could also fuel gains for Shiba Inu price in April.
Shiba Inu price could be on the verge of an 80% rally in April 2025 after the meme coin broke out of a falling wedge pattern. This breakout hints that SHIB price may double next month, and possibly lead gains across the broader crypto market.
Shiba Inu Gears for 80% Rally After Breakout Falling Wedge Pattern
Shiba Inu price today trades at $0.0000133 after a 5% drop in 24 hours. This decline follows a massive pullback across the broader crypto market after the US PCE inflation data for February came in hotter-than-expected.
Despite this pullback, the daily price chart indicates that the second-largest meme coin is still holding on to a bullish setup. More importantly, SHIB had broken out of a falling wedge pattern and teased a reversal from a bearish trend to a bullish trend.
After the recent decline, this top meme token has retested the upper trendline of the falling wedge as support. If it avoids breaching this trendline, it could trigger a nearly 80% price gain for the meme coin to $0.000023. At this point, SHIB will have doubled in price.
To confirm the strength of this bullish breakout, the RSI needs to tip north and recover past 50 to show bullish momentum and an increase in buying activity. At press time, SHIB’s RSI stood at 48, which is a near-neutral level.
This falling wedge pattern shows the possibility that the Shiba Inu price can recover. However, for a strong uptrend, buying pressure needs to increase.
How DeFi Activity and SHIB Burn Rate Will Drive Gains
One of the top reasons why the Shiba Inu price can witness a 2x price rally in April 2025 is a spike in the burn rate. Data from Shibburn shows that in the last week of March, the burn rate soared by more than 3,400%, with more than 2 billion tokens being taken out of circulation. This spike comes after a mysterious user burned 2 billion SHIB tokens.
Besides the rising SHIB burn rate, data from DeFiLlama also shows a spike in the Total Value Locked (TVL) and DEX volumes on the Shibarium layer 2 blockchain.
Last week, the total DEX volumes on ShibaSwap reached $9.83 million, which was the highest level since mid-January. Meanwhile, the Shibarium TVL recently soared past $3M highlighting rising usage of the DeFi platform.
As the SHIB burn rate increases and the Shibarium network records an increase in adoption from DeFi users, the Shiba Inu price may register an 80% rally in April 2024 and post 2x gains.
Frequently Asked Questions (FAQs)
1. Can Shiba Inu price rally by more than 80% in April 2025?
2. Which catalysts will drive a SHIB rally next month?
3. Why is Shiba Inu price dropping today?
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