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SHIB Eyes Key Breakout As Bitcoin Surges Ahead
The Shiba Inu (SHIB) memecoin shows encouraging signs of recovery with an 8.6% growth over the past seven days. While Bitcoin continues to lead the crypto bull market, SHIB is attempting to break through a major technical resistance that could determine its trajectory in the coming weeks
SHIB rises 8.6% and tests a major barrier
Shiba Inu is currently trading at $0.00001292, after rising 1.94% in the last 24 hours, according to CoinMarketCap data. The canine crypto now faces a significant psychological resistance at $0.000013, a level it has not been able to sustainably break through for several weeks.
Trading volume surged 14.44%, reaching $173.83 million, showing a significant renewed interest from investors. This increase in activity comes at an opportune moment to support a potential bullish breakout.
The SHIB community is actively contributing to this positive momentum through its deflationary mechanism. A spectacular burn rate of 3,227% was recently recorded, with 888.4 million tokens destroyed via the ShibTorch platform. This reduction of circulating supply aims to exert upward pressure on the price in the medium term.