The SHIB/USDT trading pair is currently experiencing significant volatility, as evidenced by its recent surge of 17.34%, bringing the price to 0.00003092. The chart highlights a strong bullish movement, breaking above its short-term moving average (MA5), with considerable trading volume of 21.14 trillion SHIB in the last 24 hours. The price has tested a high of 0.00003170, showing the potential for upward momentum, but resistance near this level has caused a temporary pullback. Indicators such as the MACD and RSI suggest that the market is building momentum, although caution is necessary given the fluctuating volume
Looking forward, SHIB may retest the resistance at 0.00003170. If it breaks this level with strong volume, the next target could be around 0.00003250. However, if the momentum weakens and sellers take control, a correction back to the support at 0.00003070 or even 0.00003050 is possible. Traders should monitor key indicators like the RSI for overbought signals and the MACD for confirmation of the trend. This market setup provides both opportunities and risks, depending on how the broader crypto sentiment unfolds.
