- SHIB has surged over 30% in the past month, nearing its recent peak of $0.000034.
- Technical indicators suggest consolidation may follow after testing strong resistance around $0.000032.
- Rising trading volumes and consistent buyer interest signal potential for further upward movement if key levels hold.
Shiba Inu (SHIB) has displayed a steady upward trajectory, gaining significant traction over the past month. The token, which is currently trading around $0.00002972, has risen more than 30% from its recent lows in October. This bullish momentum has pushed SHIB toward a critical resistance area near $0.000032, as shown in the price chart.
According to CoinMarketCap, the rally is supported by increased trading volumes, with daily activity consistently exceeding $12 trillion tokens. This suggests growing investor interest and confidence in the asset’s potential to break above its resistance zones.
If SHIB manages to hold above $0.000030, the next resistance target will likely lie near $0.000034, a level tested earlier in the year. Conversely, a failure to sustain momentum could result in a pullback to support zones at $0.000026 or $0.000024.
Indicators Point Toward Consolidation
While the price action remains optimistic, technical indicators suggest caution. SHIB’s relative strength index (RSI) has entered overbought territory, hinting at possible short-term consolidation. Overbought conditions often lead to profit-taking, which could slow or reverse the token’s gains temporarily.
Additionally, the chart highlights a strong support level near $0.000026, which has served as a base during previous corrections. If the price retraces, this level could act as a safety net for buyers aiming to reenter the market.
The token’s upward trajectory is further bolstered by its recent ability to sustain gains above its 50-day moving average, a sign of ongoing bullish sentiment. However, breaking the $0.000032 resistance convincingly will be critical to maintain its current momentum.
Outlook for SHIB
Shiba Inu’s performance indicates the potential for continued gains if the broader market sentiment remains favorable. Key resistance levels at $0.000032 and $0.000034 will serve as benchmarks for the next stage of its rally.
The asset’s ability to consolidate above support levels, coupled with rising trading activity, suggests that SHIB remains a focal point for both retail and institutional traders. However, caution is advised as overbought conditions may trigger short-term pullbacks.
Overall, with the token’s strong recovery and persistent demand, Shiba Inu is well-positioned to attract further attention in the coming weeks, particularly if market conditions remain risk-on.
