Shiba Inu Surges 3.4% Approaching $0.0000175 Resistance

Shiba Inu (SHIB) is currently experiencing a significant surge in price, approaching a critical resistance level at $0.0000175. This upward momentum has been driven by a substantial increase in trading activity and investor interest, with the price representing a 3.4% gain over the past 24 hours. The market capitalization of SHIB has jumped to $9.27 billion, reflecting the growing enthusiasm and participation in the market.

Analysts are closely monitoring the situation, with some predicting that if SHIB manages to break through the $0.0000175 resistance level, it could target $0.000028 in the near term. This projection is supported by the current bullish structure of the 4-hour SHIB/USDT chart, which shows a clear trend of higher highs and higher lows since early July. The price remains above key support zones between $0.00000980 and $0.00001190, levels that have held firm during previous consolidations.

Technical indicators also support the uptrend. The Relative Strength Index (RSI) is at 78.65, indicating overbought conditions. However, the Moving Average Convergence Divergence (MACD) and Stochastic Oscillators continue to support the bullish momentum. The Bollinger Bands show the price near the upper resistance band, which could lead to either a breakout or a temporary pause.

On-chain metrics further bolster the bullish outlook. According to IntoTheBlock data, 46% of SHIB holders are currently in profit, while 79% have held their tokens for over a year. Large holders control 74% of the supply, suggesting continued confidence in the token’s future price movement. The price correlation with Bitcoin remains high at 0.89, indicating that SHIB is tracking broader market trends.

In summary, SHIB is approaching a key resistance level at $0.0000175, with analysts targeting $0.000028 if the resistance is broken. The strong upward momentum is supported by rising trading activity, bullish technical indicators, and positive on-chain metrics. The market is showing strong buying interest and growing participation, which could drive SHIB to new heights in the near term.