As of today, Shiba Inu (SHIB) is showing a mixed technical picture. The price recently surged to $0.000019, reflecting strong upward momentum with a notable 23% increase over the past 24 hours. This surge is backed by a sharp rise in trading volume, which exceeded $1.37 billion. This rally has driven SHIB's market capitalization to over $11 billion, pushing it into the spotlight alongside competitors like Avalanche.
From a technical analysis standpoint, SHIB's Relative Strength Index (RSI) stands above 80, indicating overbought conditions, which suggests a potential pullback might be imminent. However, the strong momentum could sustain the elevated RSI levels, as bullish sentiment remains robust. Moreover, the Moving Average Convergence Divergence (MACD) has crossed above its signal line, further reinforcing the ongoing bullish trend.
SHIB's derivatives market is also experiencing increased activity, with open interest rising by over 53% to $64.78 million. This suggests heightened interest from traders, further emphasizing the token's current popularity. However, market sentiment remains balanced, with an almost equal ratio between long and short positions, indicating no strong directional bias.
For short-term traders, it’s important to monitor key technical indicators such as moving averages and oscillators. Currently, several moving averages suggest a neutral to bearish outlook in the short term, while some oscillators like the Williams %R and ROC remain bullish. This mixed signal environment means that caution is warranted, as a pullback or consolidation phase could occur after the recent surge. However, if bullish momentum continues, SHIB could potentially test higher resistance levels in the coming days.
