Shiba Inu Price Nears Breakout as Cup-and-Handle Pattern Forms

Shiba Inu's price is currently trading at $0.00000618, up 1.78% in the last 24 hours, with a market capitalization of $3.64 billion. The cryptocurrency is approaching an important technical level, as it presses against the descending trendline that has rejected every rally since mid-February.

A cup-and-handle pattern is forming on the 4h chart, which could be a sign of a bullish breakout. The price is sitting under the trendline at $0.00000620, and if it breaks above this level, it could trigger a significant move upwards. However, the trendline has been a strong resistance point for SHIB's price in recent weeks.

On the 1h chart, SHIB's price is operating within a defined range between $0.00000570 and $0.00000640 since March 9. The current push is the third attempt at the upper end of that range, but the short-term trend has not yet flipped bullish.

The burn rate for Shiba Inu has picked up in recent days, with a 14.04% burn rate in the last 24 hours. This could be a sign of accumulation and a potential catalyst for the price to break out above the trendline.