Shiba Inu (SHIB) price is up more than 64% over the past six days, marking its biggest weekly gain since February 2024. This rise came as Bitcoin surpassed all-time highs and the total value of the crypto market reached $2.915 trillion. The crypto market is one step closer to the record of $3.006 trillion in 2021.
Pause in SHIB Price: Will the Rise Continue?
SHIB is currently struggling to clear a strong resistance zone at around $0.00002750. Once this resistance level was reached, price increased with volume; However, some investors turned to profit taking. This created some pause in SHIB.
Critical Levels for SHIB Price: Is $0.000046 the Target?
Shiba Inu faced massive profit selling after reaching its local top of $0.00002804. These sell-offs reaffirmed previous resistance. These factors indicate bullish potential in price forecasts. “I expect SHIB to test $0.000046 with a close to 70% increase in the coming days,” said analyst Motion Man.
According to Coingecko data, SHIB’s transaction volume increased by 255% in the last 24 hours. This movement indicates increased investor interest and supports the uptrend. According to the Coinalyze platform, SHIB’s open positions increased by 19.31%. This data shows that with the price increase, investors took long positions on the meme coin and this trend gives positive signals for the SHIB price.
Santiment data indicates that daily active addresses (DAA) are at the highest level in more than eight months. This reflects increased market interest and intense activity on the network; thus indicating SHIB’s long-term uptrend.
If SHIB can clear the current resistance level, it could rise 70% to $0.000046. This level coincides with the previous annual peak. The Fibonacci expansion level of 4.236% stands out as a potential resistance area at $0.00006088.
However, if the price fails to overcome the identified resistances and declines below $0.00001811, the value of SHIB could drop to $0.000015 or even $0.000012.
Shiba Inu’s upward trend may continue in line with market data and analysis. Investors continue to evaluate the future movement of SHIB by carefully monitoring the identified resistance levels.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
