The market was surprised by the dramatic price increase of Shiba Inu, which pushed the price to $0.00003059. Although there are still concerns about whether this rally can continue or whether it will eventually cool down, this dizzying bounce has reignited interest in the meme coin.

Looking at the price chart, SHIB has confirmed a bullish continuation of the previously formed ascending triangle pattern by breaking the key resistance at $0.000027. In parallel with the outbreak, volume increased significantly, indicating increased investor interest.

Furthermore, this move strengthens SHIB’s uptrend by positioning it well above the crucial 50, 100, and 200 EMA levels. However, SHIB has entered overbought territory with an RSI of 73, suggesting that the rally may be overdone in the near term. When traders took profits in the past, these circumstances often preceded a period of consolidation or correction.

In this case, it is imperative to monitor the support levels at $0.000027 and $0.00002445 for a possible recovery. The potential for continued interest in SHIB is further supported by on-chain data. Most investors are still in the money, with a significant concentration of holders holding SHIB at an average entry price of around $0.00025.

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Given that most traders are currently making money and are unlikely to panic unless there is a significant decline, this suggests strong confidence in the financial instrument. To maintain its bullish momentum, SHIB needs to clear the resistance at $0.000032. A break above could allow SHIB to target $0.000035 or higher. Although the rally is progressing quickly and the RSI is overbought, there is a good chance of a short-term decline unless volume increases further.

Ultimately, Shiba Inu’s pump has ensured future gains, but caution is advised. The key question is whether SHIB can sustain its momentum and generate higher-level support to prevent a significant correction. As the market regains momentum, the meme coin continues to be a favorite among traders.