Shiba Inu (SHIB) is currently trading at approximately $0.00001378, reflecting a 5% increase over the past 24 hours.

The cryptocurrency is showing signs of breaking out of a falling wedge pattern, which it has been trading within since March.

Notably, SHIB has seen a dramatic increase in its burn rate, surging by 1,088%, which has sparked speculation about a potential price rally.

The upcoming Federal Open Market Committee (FOMC) meeting in September could serve as a catalyst for SHIB's breakout if interest rates are lowered.

Analyst Javon Marks predicts that if SHIB breaks above its current resistance, it could rally to $0.000081, representing a potential 498% increase.

Should buying pressure continue, SHIB may break above the falling wedge and aim for prices around $0.000018 or higher.

Despite recent gains, SHIB has experienced a 24% decline over the past month, indicating ongoing volatility.

Currently, over 52% of SHIB holders are at a loss, which raises concerns about potential sell-offs if Bitcoin does not recover.

The number of large wallet holders for Shiba Inu has decreased by 27% this month, suggesting waning interest from whale investors.

The Chaikin Money Flow (CMF) indicator supports increased buying pressure, indicating potential market growth and liquidity inflow.

To maintain upward momentum, SHIB must surpass the crucial 50 Moving Average (MA), which currently acts as resistance.

Despite some optimism, analysts remain skeptical about SHIB reaching $1 in the current market cycle, given its high circulating supply.