- SHIB eyes breakout as Layer-3 upgrade gains traction
- $0.00001240 retest could trigger bullish extension
- Burn rate dips 95 percent but whales hold strong
SHIB heating up, ready to explode. After weeks of sideways movement, Shiba Inu (SHIB) is showing renewed signs of bullish momentum. Traders and analysts are closely monitoring key resistance zones as on-chain activity stirs optimism. The token is now trading near $0.00001167 as expectations grow around Shibarium Layer-3 and burn rate dynamics.
Resistance Retest and Market Activity Drive Near-Term Outlook
According to an analysis prepared by TradingView, SHIB is approaching a critical resistance zone at $0.00001240. This level has rejected past upside moves but is now under renewed pressure as volume recovers. If SHIB breaks above this point, short-term targets may reach $0.00001250 or higher.
Support has formed near $0.00001200 and has held through multiple tests. The Bollinger Bands are tightening on the daily chart, which often precedes sharp moves in either direction. Parabolic SAR indicators remain abovae price candles, indicating that bears still have control, though momentum is shifting.
The Relative Strength Index is also nearing a neutral zone, reflecting the fading of prior selling pressure. If buyers gain control and volume follows, SHIB may attempt to reclaim previous resistance levels in the coming sessions.
Shibarium Development and Community Sentiment Boost Prospects
Crypto analyst LucieSHIB observed that Shiba Inu’s Layer-3 upgrade on Shibarium is gaining attention across the community. Developers have confirmed that the upgrade will enhance Ethereum Layer-2 compatibility, potentially increasing SHIB’s scalability and appeal.
At the same time, SHIB’s burn mechanism continues to draw attention, although recent data shows a slowdown. Shibburn data revealed just 964,247 SHIB burned in the last 24 hours, marking a 95% decline. This drop has raised questions about long-term supply reduction, yet some analysts suggest this may be temporary.
Meanwhile, active addresses on the network have dropped over 78% since February, based on Santiment data. While this reflects lower retail activity, analysts note that large holders appear to be maintaining positions. If new demand returns alongside Shibarium upgrades, SHIB could attempt a breakout above key resistance.
