Shiba Inu (SHIB) Runs Out of Steam After Impressive 19% Surge Over the Past Week

Shiba Inu (SHIB) has suffered a major correction after an impressive 19% surge over the past week, currently down around 13% over the past 24 hours. After reaching a high of $0.000033, the price of SHIB has pulled back to $0.000029. This comes as the RSI indicator shows that SHIB has entered overbought territory, prompting a much-needed correction for the asset.

SHIB’s recent surge has been supported by a sharp increase in trading volume, with a total exchange value of around $1.63 billion. Around 74% of the SHIB supply is held by “whales”, indicating a high level of concentration and the potential for large price movements in this market.

If SHIB can hold support around $0.000027, a recovery is likely in the offing, especially if institutional and retail investors gain momentum. However, to continue the uptrend, SHIB needs to clear the resistance levels at $0.000033 and $0.000036.