Shiba Inu (SHIB) memecoin shows encouraging signs of recovery with an 8.6% growth over the past seven days.

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

Shiba Inu (CRYPTO: SHIB) price is showing encouraging signs of recovery with an 8.6% growth over the past seven days. As Bitcoin (CRYPTO: BTC) continues to spearhead the crypto bull market, SHIB is attempting to breach a major technical resistance that could decide its trajectory in the coming weeks.

Shiba Inu Tests Key Resistance As Volume Surges

Shiba Inu is currently trading at $0.00001292, after rising 1.94% in the last 24 hours, according to CoinMarketCap data. It now faces a significant psychological resistance at $0.000013, a level it has not been able to sustain for several weeks.

Trading volume surged 14.44%, reaching $173.83 million, showcasing a significant 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 in circulating supply aims to exert upward pressure on the price in the mid-term.

Shiba Inu: Key Technical Signals & Price Targets

Technical indicators present interesting prospects for SHIB. Weekly Bollinger Bands are showing a significant tightening, a setup that often precedes major price movements. Some analysts, like Ben Armstrong, suggest an anticipated 100% increase from current levels if this technical formation confirms.

“Whale” activity has also seen a notable awakening with a 95.91% increase in large transaction volume. This renewed interest from large institutional investors usually bodes well for a crypto’s future.

However, the broader context presents a mixed picture. A recent report from indicates that 82.96% of wallets holding SHIB are currently in the red. This highlights the challenges the community faces following the sharp correction in the memecoin market.

The ongoing development of the Shibarium ecosystem, which has now surpassed one billion transactions, provides a strong fundamental basis. Some analysts, like Javon Marks, are making optimistic projections, mentioning a price target of $0.000081 (i.e., +550%).

To break the current resistance at $0.000013, SHIB will need to sustain this combination of increased trading volume, sustained burn activity, and technical development of its ecosystem in the wake of the Bitcoin rally.