- SHIB is up 17% this week, boosted by Bitcoin’s strong rally and renewed market confidence.
- The price is testing key resistance near $0.000014 with rising volume and bullish moving averages.
- Short liquidations and increased exchange activity have added momentum to SHIB’s upward move.
- A breakout above resistance could lead to further gains, while support around $0.000012 remains crucial.
Shiba Inu (SHIB) is at $0.00001376, up around 17% in the previous week, as it catches the green bandwagon in crypto markets. The steep jump is driven by the unstoppable charge of Bitcoin to multi-week highs, which is infusing new life in the market and inducing rises in meme coins like SHIB.
SHIB is in the process of testing a significant resistance area on the 4-hour chart, backed by rising volume and bullish moving averages. The breakout is a sign of better investor sentiment and technical strength in the Shiba Inu market.
Bitcoin’s Momentum Fuels Meme Coin Recovery
SHIB’s rally is closely associated with the current rally in Bitcoin, which took the total crypto market higher. As Bitcoin broke important areas of resistance and touched new highs, traders switched to altcoins and meme coins for higher gains.
Historically, meme coins like SHIB tend to follow Bitcoin during strong bull markets, and this pattern has held true in recent days. The positive sentiment and capital inflows have allowed SHIB to reclaim key support areas and mount a push toward higher levels.
Also Read: Shiba Inu Price Forecast 2025: Experts See Upside Potential Beyond $0.00002500
SHIB Approaches Critical Resistance
Technically, SHIB surpassed its 50-, 100-, and 200-period moving averages on the 4-hour graph. Such a convergence between short- and long-term averages in an ascending position is a sign of steady buying demand and strengthens the bull case.
The green areas on the chart represent significant support in the range between $0.000012–$0.0000125, which would need to hold in order for the uptrend to persist. Resistance on the higher side is located just above the price, in the region of $0.000014–$0.000015, and a definitive breakout above this area would potentially provide access to further higher-level targets.
Exchange Data Shows Strong Market Participation
The associated exchange data confirms rising trader sentiment and demand. Trading volumes on exchanges like Binance, Bitfinex, OKX, and others have increased, together with open interest and funding rates.
Also, a series of short liquidations, which are shown as red spikes on the graph, aided in the price surge as short sellers were forced to buy their positions on the rally. The short squeeze function facilitated SHIB gaining ground at a faster rate.
What’s Next for Shiba Inu?
Since the uptrend in Bitcoin is still intact and overall market sentiment is positive, Shiba Inu still has potential on the higher side if capable of breaking through current resistance areas. Here, bulls must observe a clear breakout on high volume through $0.000014 to attain the next higher leg.
Meanwhile, the region around $0.000012 remains important in a pullback. With the market continuing to catch up on the leadership of Bitcoin, SHIB remains among the meme coins to anticipate in the forthcoming weeks.
Also Read: Shiba Inu Prediction: Can the Community Create a 2x Rally This Month?
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
