Can SHIB price surge 150% as Shiba Inu burn rate rockets over 3,200%?

Shiba Inu Prices Have Fallen

Shiba Inu's price has three potential catalysts that could push it higher in the coming days. First, its burn rate has increased significantly in the last few days. On March 8, the daily burn rate increased by 3,253% to 29.3 million.

This means that the network has burned more than 410 trillion coins since its inception, leaving the circulating supply at 584 trillion. Token burning is a mechanism by which cryptocurrencies are transferred to an inaccessible address.

Second, Shiba Inu's price was a bargain, as measured by the Z-score of the market value to realized value, or MVRV, indicator. Santiment data shows that the MVRV-Z reading fell to minus 2.143, the lowest since August last year. It has dropped from the December high of 0.35. The last time the MVRV indicator dropped to these levels, it had rebounded 215% to the December high. This could be a sign that investors will start buying on dips.

The daily chart shows that the SHIB price has dropped to a key support level, below which it has failed to fall four times since July last year. This is an indication that bears are afraid to sell the coin below this level.

The Accumulation and Distribution indicator continued to rise, which is a sign that smart investors are buying. Moreover, the Relative Strength Index and Moving Average Convergence Divergence (MACD) indicators have formed a bullish divergence pattern.

In addition, the Shiba Inu price has formed a falling wedge, with the two lines coming closer to each other. Thus, the coin is likely to make a strong bullish breakout, with the next target being the December high of $0.00003325, which is 155% higher than the current levels.