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Shiba Inu (SHIB) has surprisingly kept its resilience above the $0.00003 resistance level as it combined a mix of its fundamentals with the broader market hype. With the current price outlook, Shiba Inu is looking to clear another zero as the next major target locked by its bulls, a mission that can be achieved, riding on its more than 60% jump in the week-to-date (WTD) period.
At the time of writing, Shiba Inu is changing hands for $0.00003505, up by 4.05% in the past 24 hours. The price metrics have exhibited interesting trends over the past week, rising from a low of $0.00001998 on March 3 to a high of $0.00004533 on March 5, joining Bitcoin (BTC) as the premier digital currency rallied to its first definitive all-time high (ATH) above $69,100.
The reversal in the price of Shiba Inu came as a knee-jerk selling reaction as most long-term HODLers took profit following the coin’s surge to levels not seen in two years.
Shiba Inu’s price is capitulating with an intriguing buying trend showcased by the more than 36% jump in trading volume to $4,796,986,307.
Knocking another zero off
For Shiba Inu, its growth has been stunted for a very long time, and though it is trading at a price last seen in January 2022, its ambitious Shiba Army has a more lofty goal. Erasing a zero from its price will push SHIB to trade at $0.0001, a price that will mark a new ATH from its previous reading at $0.00008845.
With many analysts projecting a major rally ahead in this current bull market cycle and the positive twist it will have on altcoins, Shiba Inu is poised to capitalize on these external fundamentals to hit unprecedented levels. Its growth will also be sutured by its burn rate and whale actions across the board.