Shiba Inu (SHIB) climbed about 7% on March 10, trading at $0.0000058, slightly above its year-to-date low of $0.00000525. Even with that rebound, the token remains 83% below its highest level in 2025, showing that the broader trend has not fully turned yet.
One of the clearest support points came from token burn data. SHIB’s burn rate rose 162% in the last 24 hours, with more than 6.58 million tokens removed from circulation. Its circulating supply has fallen to 585 billion after 410 billion tokens were burned from the initial supply. Burning tokens cuts the amount available in the market and reduces inflation pressure, which can improve sentiment around supply-sensitive assets.
Futures and spot activity both moved higher
Derivatives data also showed stronger participation. SHIB futures open interest increased to $62.8 million on Wednesday, up from last week’s low of $53 million. A rise in open interest is often read as a sign that demand in the futures market is building.
Spot market activity followed the same direction. SHIB spot trading volume rose to more than $143 million this week, compared with less than $100 million last week. With both spot volume and futures open interest rising, the latest move in price is being supported by broader market activity rather than by a single isolated spike.
Falling wedge pattern comes into focus
The three-day chart still shows SHIB in a bear market for the year, but the decline appears to be losing force. The Average Directional Index has moved sideways since January, suggesting the existing downward trend has stopped gaining strength.
The main technical structure highlighted in the report is a large falling wedge, formed by two descending and converging trendlines. Those lines are now approaching confluence, an area where bullish breakouts often appear. At the same time, the Stochastic Relative Strength Index has advanced from 20 in January to 55 now, which the report describes as a bullish divergence signal.
Based on that setup, the next key upside level cited in the analysis is the 50-day Exponential Moving Average at $0.0000080. The bullish case would be invalidated if SHIB falls below its year-to-date low.
Middle East developments named as another possible catalyst
The report also pointed to developments in the Middle East as a possible external trigger for crypto assets. It said Donald Trump is seeking to de-escalate the crisis after stocks fell and crude oil prices climbed to their highest level since 2022. The article stops short of making a firm market call, but includes this as another factor traders may watch alongside on-chain and technical data.