In short

  • SHIB's stock price has risen over 64% in six days, a significant increase.

  • Resistance levels may determine the future direction of SHIB prices.

  • The increase in trading volume indicates strong investor interest in SHIB.

The price of Shiba Inu (SHIB) has surged over 64% in the past six days, marking the largest weekly gain since February 2024. This spike coincides with Bitcoin breaking its all-time high, with the cryptocurrency reaching $2.915 trillion, closer to the record of $3.006 trillion set in 2021.

SHIB price stagnation: Will the upward trend continue?

Currently, SHIB is struggling to break through the strong resistance level around $0.00002750. As it approaches this resistance level, the trading volume has increased, but some traders are choosing to take profits, causing a temporary halt in SHIB's rise.

Key price levels for SHIB: Is the target $0.000046?

After reaching a local peak of $0.00002804, Shiba Inu is facing significant profit-taking. This sell-off confirms the previous resistance level, indicating that price predictions may have upward momentum. A market analyst estimates that SHIB's increase is close to 70%, and it may test the $0.000046 mark in the coming days.

According to Coingecko data, SHIB's trading volume surged by 255% in the past 24 hours, indicating that the increase in investor interest supports the upward trend. Coinalyze also noted that SHIB's open positions increased by 19.31%, suggesting that traders are taking long positions on the meme coin, providing a positive signal for SHIB's price.

Santiment data shows that daily active addresses have reached their highest level in eight months, reflecting growing interest and activity in the market for this network, indicating a long-term bullish trend for SHIB.

If SHIB can break through the current resistance level, it may reach $0.000046, matching the previous annual peak. The potential resistance area indicated by the Fibonacci extension levels is $0.00006088.

Conversely, if the price fails to break through the established resistance level and falls below $0.00001811, the value of SHIB may drop to $0.000015 or even $0.000012.

Based on market data and analysis, the upward trend for Shiba Inu may continue as traders closely monitor defined resistance levels to assess SHIB's future trajectory.