SHIB Bulls Rejoice—Expert Sees 2x Rally

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• Shiba Inu could double to $0.0000340, with experts predicting a 136% rally in the coming days.
• SHIB sees a 5-day growth streak, rising 13%, amid strong technical signals and a massive burn rate.

Shiba Inu (SHIB) is experiencing renewed excitement in the crypto market as experts predict a significant price rally. Market analyst World of Charts forecasts a 2x surge to $0.0000340, a 136% increase from current levels, possibly within days. 

The Shiba Inu token has recently shown strength, with five consecutive days of growth. Coupled with a surge in burn rate and a potential breakout from a descending channel, SHIB holders are eyeing substantial gains.

Descending Channel Breakout Fuels Bullish Prediction

World of Charts, a notable crypto market analyst, has identified a potential breakout for Shiba Inu that could trigger a dramatic price rally. The expert has been closely monitoring the SHIB/USDT chart, noting that the cryptocurrency is nearing a critical resistance level. 

This resistance, formed after December’s high, marks the upper boundary of a multi-month descending channel. If SHIB can break above this level, the prediction suggests a sharp 136% increase, with a target price of $0.0000340 within a few days.

Shiba Inu’s recent breakout from the descending channel is contributing to an overall atmosphere of optimism in the market. The coin has experienced a five-day growth streak, with a 13% increase during this period.

Additionally, another analyst, CryptoBull_360, offers an alternative technical analysis that suggests the breakout may have already occurred. He highlighted the increasing volume and solid momentum, urging traders to keep a close eye on SHIB’s movements in the coming days.

CryptoBull_360 further emphasized that if SHIB closes above the 50-day Exponential Moving Average (EMA), it could trigger a 74% rally to $0.000025l.

Five-Day Growth Streak Signals Potential Shift

Shiba Inu’s performance over the past five days has provided some optimism. During this period, the SHIB surge marked its first sustained rally since September. 

Historically, the token has faced challenges in April, with data showing that SHIB tends to see a decline each year. As covered by ETHNews, data from CryptoRank shows that April’s long-term average return for SHIB is just 3.54%. 

In the past three years, the median return for April has been a loss of -14.2%, with even the least damaging April showing a decline of 6.41%. Despite this, the recent rally has many hoping that this year could break the trend, especially with the technical indicators and growing market momentum.

Shiba Inu’s impressive burn rate is another factor driving optimism among investors. As outlined in our recent blog post, the Shiba Inu community has burned over 1 billion SHIB tokens, reducing the circulating supply by a staggering 57,000%. This drastic reduction in supply is seen as a bullish move to combat inflation and increase the long-term value of the token.