After a significant price increase for Shiba Inu, the market was taken by surprise, pushing it up to $0.00003059. Although there are still concerns about whether this rebound will last or eventually cool down, this melting face pump has rekindled interest in meme coins.
Check the price chart, SHIB has confirmed a bullish continuation from the ascending triangle pattern formed by breaking the key resistance level of $0.000027. Volume has significantly increased with the breakout, indicating higher investor interest.
Furthermore, this places it above the critical 50, 100, and 200 EMA levels, reinforcing SHIB's upward trend. However, SHIB has entered the overbought territory with an RSI of 73, suggesting that the rebound may be short-term overextended. In the past, these situations have typically occurred before consolidation or correction periods when traders take profits.
If this occurs, it is essential to monitor the support levels of $0.000027 and $0.00002445 for a potential rebound. On-chain data further supports the potential for continued interest in SHIB. Most investors are still in profit, with a considerable number of holders maintaining SHIB at an average entry price of about $0.00025.
Given that most traders are currently in profit, panic selling is unlikely unless there is a significant drop, indicating strong confidence in the financial instrument. To maintain its upward momentum, SHIB needs to overcome the resistance level of $0.000032. A breakout above this level could target $0.000035 or higher for SHIB. Despite the rapid rebound and overbought RSI, the likelihood of a short-term pullback is high unless volume continues to rise.
Ultimately, the pump for Shiba Inu has set the stage for future gains, but caution is advised. The key question is whether SHIB can maintain its momentum and generate higher levels of support to prevent significant corrections. As the market gains new vitality, meme coins remain a favorite among traders.