As the overall market environment remains bullish, especially Bitcoin (BTC) has recently broken through the $106,000 mark, market morale has been greatly boosted, and many altcoins, especially meme coins such as Shiba Inu Coin (SHIB), have also followed suit. Market experts are closely watching whether SHIB can break through the key resistance level of $0.00003 to confirm whether its upward momentum is strong.
SHIB key resistance level: $0.00003 is in focus
Currently, the price of SHIB is about $0.00002747. Although it has fallen in the past day, it is currently fluctuating between $0.00002687 and $0.00002826. Analysts generally pay attention to the key level of $0.00003. If this price is broken, it may verify the sustainability of SHIB's upward shock wave.
In addition, the Bull-Bear Power (BBP) value is 0.000006338, indicating that despite the current pressure, bulls still have a slight upper hand and the attack has successfully defended the important support area. However, as BBP has retreated from its previous highs, the rally seems to be slowing down, which means that sellers may begin to regain control of the market. If the value falls further to zero, it may increase bearish pressure.
According to the MACD indicator, the bullish pressure on SHIB is being relieved. The current MACD line and the signal line are close, at 0.00002973 and 0.00001761, respectively, indicating that the upward trend may be fading. The bar chart at the bottom of the chart also shows a few ends, which is about to disconnect the upward momentum. If the MACD line crosses below the signal line, it may trigger a reversal of the bearish trend.
Nonetheless, if SHIB can sustain the price above $0.00003 and break out of this resistance level, it is expected to attract more buying pressure from investors, driving the price further up to $0.000035.
Bitcoin’s strong growth provides momentum for SHIB
The rise of Bitcoin has undoubtedly brought positive sentiment to the entire crypto market. Recently, after BTC broke through $106,000, the funds probably achieved the best weekly performance since 2021. This strong performance not only restored market confidence, but also stimulated a large amount of funds to flow into the altcoin market, especially SHIB.
As Bitcoin continues to lead the market, other meme coins such as Dogecoin (DOGE), Pepe (PEPE), and WIF have also experienced price gains, which further boosted SHIB's gains. The expansion trend of meme coins is likely to strengthen SHIB's upward momentum, and if a trend is formed, SHIB may re-challenge its all-time high of $0.00008845.
Downside risks: support and key ranges
Although SHIB price has once again shown some strength in the process of breaking through the key resistance level, it is still facing the potential threat of bearish pressure. If SHIB fails to break through $0.00003, the price may fall back to the first support level around $0.000026. If the sellers take control of the market, SHIB may fall back to the $0.000025 line. This key range is crucial to confirm the subsequent trend of SHIB.
Prospects for a retest of 2021 all-time highs
Although SHIB’s current price is hovering near important resistance levels, market indicators and analysts remain optimistic about its prospects. If the market environment continues to be bullish, especially the stability of Bitcoin’s price and the continued increase in attention to meme coins, SHIB’s rise above $0.00003 may mean that SHIB will rise further and head towards the 2021 all-time high of $0.00008845.
Summarize
Currently, SHIB's price action is full of uncertainty and faces the test of breaking through key resistance levels. Bitcoin's strong performance has undoubtedly provided support for SHIB, but technical indicators show that the rally may be boosted in the short term. Watch to see if SHIB can break through the key resistance level of $0.00003. If it succeeds, it may see further gains to $0.000035 or even higher.
