Shiba Inu (SHIB) Breaks Out of Critical Resistance Level, Targeting Another Zero-Loss Event

Shiba Inu (SHIB) has registered notable price gains in the last 24 hours as it broke a critical resistance level.

Shiba Inu (SHIB) price is up 3.46% in the last 24 hours as it continues to build momentum. The meme coin broke a critical resistance level and may be setting itself up to lose another zero.

Shiba Inu price analysis: Same trends, new lows in volume

The latest data from CoinMarketCap shows that SHIB is trading at $0.00001208 at the time of writing. This follows an upsurge in price as the dog-themed meme coin cleared the $0.000012 resistance. At this price level, SHIB encountered several rejections within the past seven days.

Current indicators signal that SHIB might test higher ground given that it has established a strong support at $0.000011. Some market observers see this support as strong enough to fuel its journey to losing an additional zero as it gains value.

Notably, with the price up, it may build on this momentum to continue growing as investors rekindle their interest in trading the meme coin. If it loses the zero as predicted, it may trade at a new high of $0.0001 per token.

However, as of press time, investors have yet to show serious interest. The trading volume decreased by 22.93% to $111.99 million in the same time frame.

Technically, SHIB is promising further growth as large transactions jumped by 173% at one point during the week. The uptick might have been triggered by whales and investors who are rearranging their portfolios ahead of a rally.

The breach of the $0.000012 resistance suggests that investors’ projections were right.

Shiba Inu price analysis: Zero-loss scenario hinges on key metrics

Elsewhere, the Shiba Inu weekly deflationary mechanism returned this week, increasing by approximately 20%. Although it remains a far cry from historic figures, the development signals a renewed burn trend in the community.

The rebound in the burn rate has been traced to the resurgence of SHIB whales and their recent accumulation of the token.

For SHIB to maintain the current upsurge in value and possibly lose a zero, the meme coin has to increase its burn rate and trading volume.