Shiba Inu (SHIB) hit a high of $0.00001511 on April 26, 2025, marking its peak this month in what analysts are describing as a see-saw run. However, the meme coin encountered significant resistance that has prevented it from breaking through crucial levels, according to prevailing market data.
Analysts Point To Possible 100% Price Jump
Experts suggest that Shiba Inu could potentially double its price if it manages to break past the lower resistance level near its recent high. Overcoming the higher resistance at $0.000018 would mean breaking through a substantial sell wall valued at around 540 trillion SHIB, distributed across approximately 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 dictate SHIB’s direction for the upcoming months. Currently, nearly 40% of SHIB holders are in profit.
A breakout above $0.000014 could reverse this trend, allowing the majority of SHIB owners to see profitability for the first time in weeks.
Price Stuck In Narrow Trading Range
Currently, the meme coin navigates a tight 24-hour trading range of $0.0000130 to $0.00001374, as indicated by recent charts from IntoTheBlock. In this stagnant environment, some large investors appear to be increasing their holdings.
The Chaikin Money Flow (CMF) indicator has turned positive once again, reflecting renewed purchases from affluent traders.
Despite a more than 10% rise this month, technical indicators are sending mixed signals. The Stochastic Relative Strength Index sits between the levels of 11 and 9, suggesting that SHIB may be undervalued according to expert assessments, even as trading volumes have dwindled in recent days.
Massive One-Day Token Burn Raises Eyebrows
A significant development occurred when over 280 million SHIB tokens were permanently removed from circulation in a single day. Tracking platform Shibburn reported this as a staggering 38,299% surge in the burn rate, which has taken many market observers by surprise.
This substantial burn has reduced the circulating supply to around 584 trillion tokens. The SHIB community has long promoted token burning as a strategy to induce scarcity, theoretically enhancing the value of remaining coins.
The recent token burn highlights a significant rebound following weeks of diminishing burn rates, suggesting renewed confidence among “whales” and smaller holders alike. However, there is caution among others who argue that burn rates alone do not guarantee price increases.
Market participants are closely observing whether the combination of technical indicators, increased whale activity, and aggressive token burning can enable SHIB to overcome its formidable resistance levels.
As overall market sentiment shifts positively within cryptocurrencies, the coming weeks could prove pivotal for the price trajectory of this popular meme token.
Featured image from Gemini Imagen, chart from TradingView
