Cryptocurrency Shiba Inu (SHIB) has recorded an 8.6% increase in the last week, solidifying at the $0.000012 level. Investor interest in the asset is also growing.
Shiba Inu Tests Key Resistance
According to CoinMarketCap data, SHIB has risen by 1.94% in the last 24 hours, reaching $0.00001292. The asset surged to $0.00001296 but faced resistance at the $0.000013 level. For further growth, ecosystem support is necessary, including token burning and increased trading volume.
SHIB's Technical Indicators Signal Upsurge
SHIB's technical indicators suggest a potential 100% increase in the near future. This optimistic speculation is based on the tightening of the upper Bollinger Band. While not guaranteed, this signal often precedes a price breakout for tradable assets.
Shiba Inu Community Engages in Token Burning
Recently, the SHIB ecosystem has witnessed an increase in deflationary mechanisms with a burning rate in the millions. For instance, the burn rate surged by 3227%, resulting in the burning of 888.4 million SHIB tokens. This activity occurred via the ShibTorch platform and helps regulate supply while increasing the token's value.
Given the current market trends and the rising activity of the community, SHIB is poised to potentially surpass key resistance, which may lead to further growth.
