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Shiba Inu (SHIB) has registered 8.6% growth on the crypto market in the last seven days. The dog-themed meme coin has maintained its upward trend since flipping the $0.000012 level. SHIB now has its eyes set on the next key resistance.
Shiba Inu tests key resistance as momentum builds
CoinMarketCap data shows that in the past 24 hours, SHIB has climbed by 1.94% as it exchanges for $0.00001292. This was after soaring to $0.00001296 in earlier trading before encountering resistance at $0.000013.
The meme coin will have to gather enough momentum to breach this next resistance. This would involve ecosystem support in terms of token burns and a boost in trading volume.
Notably, investors have transacted the coin within this mild rise toward the critical resistance level. SHIB’s trading volume registered a 14.44% uptick to $173.83 million, signaling renewed interest from SHIB holders.
Meanwhile, the SHIB ecosystem has ramped up its deflationary mechanism with a burn rate in the millions. As U.Today reported recently, the SHIB burn rate witnessed a staggering 3,227% increase, resulting in the burn of 888.4 million SHIB tokens.
The community's burn activity was carried out via the ShibTorch platform. The ecosystem’s internal mechanism for regulating supply and increasing value is a rekindling of burn activities to massive levels.
SHIB’s technical indicators flash bullish signals
As per SHIB’s technical indicator, the weekly Bollinger Bands, the meme coin could witness a 100% upsurge soon. This optimism relies on the tightening of the upper band. Although not guaranteed, the signal usually precedes a breakout in the price of a tradable asset.
In any case, SHIB has been building momentum as large transaction volume recently saw a massive 95.91% increase. The reawakening of whales indicates a bullish sign of a positive price outlook for the meme coin’s future.
Market participants hope that the recent bullish activity in the ecosystem will support SHIB's flipping of the resistance and keep it above that level.
Dan Burgin
U.Today Editorial Team
