SHIB Coin Forming A 'Bull Flag'? This Could Be The Price Target If Shiba Inu Breaks Out

Shiba Inu SHIB/USD is gaining bullish momentum as traders eye a potential breakout off the back of Bitcoin hitting a new all-time high.

What Happened: Shiba Inu's burn rate has increased by 209%, with 11.6 million SHIB removed from the ecosystem in the past 24 hours, according to Shibburn data.

On-chain analytics platform Bubblemaps uncovered a whale holding 10% of the SHIB supply, currently valued at $2.5 billion (then worth $10,000) across 150 addresses.

The whale owned 50% of the SHIB supply at the coin’s launch in July 2020.

Crypto chart analyst Ali Martinez sees Shiba Inu forming a bull flag, which could break the $0.000025 resistance.

#ShibaInu forms a bull flag, signaling a move to $0.000037 if $SHIB can break past the $0.000025 resistance. pic.twitter.com/PFbTQtfbZb

— Ali (@ali_charts) November 21, 2024

Also Read: Shiba Inu Burn Rate Surges To 938%: What Is Going On?

Why It Matters: Martinez pointed to a massive withdrawal of 1.67 trillion SHIB from exchanges, supported by data from Santiment. Historical trends suggest such movements often precede price spikes, as seen during a previous 62% rally.

Marketing lead Lucie noted 1.6 trillion SHIB being moved off exchanges in single day. The last time this happened SHIB saw a significant price jump.

While daily active addresses (-9.7%) and large transaction volumes (-71.3%) show minor declines, Shibariumscan data shows daily transactions up from 4.49 million to 4.66 million in 24 hours.

Transactions greater than $100,000 are down from 576 to 332 in a single day.

Martinez concludes that a sustained close above $0.000025 could drive a 50% price jump to $0.000037.

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