SHIB Price Analysis: Can Shiba Inu Break Resistance and Hit New Highs?

• Shiba Inu faces critical resistance at $0.0000028, a key hurdle for bulls.
• A drop below $0.0000022 could signal a bearish trend with further downside.
• RSI indicates Shiba Inu may be overbought, suggesting a potential price correction.

The latest Shiba Inu (SHIB) rally has traders and investors wondering if it’s finally time to buy in. The price has surged, testing critical resistance levels, as if to reclaim its all-time high. While SHIB has fluctuated, key support and resistance zones have emerged.

Shiba Inu has been on a notable upward trajectory, with several rally points observed over the past few days. The price has reached highs around $0.0000028 , but each time, it has retraced, signaling some volatility in the market. 

SHIB is currently consolidating around $0.0000025 after the recent fluctuations. This consolidation could indicate that SHIB is preparing for its next move, either a retest of the resistance or a deeper pullback.

Support levels are crucial for understanding potential price reversals. The first level to watch is $0.0000025. This level has provided strong support recently, with SHIB bouncing back from it multiple times.

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Source: Coinmarketcap

If SHIB fails to hold this level, the next support could be found at $0.0000022. This level has acted as a cushion in previous dips, and if the price drops further, it could provide another opportunity for buyers to step in.

Resistance Levels and Potential Price Breakthrough

Resistance levels play a vital role in price action, especially in a volatile market like SHIB’s . The primary resistance is located at $0.0000028, where the price has faced difficulty breaking above it. 

This level has been tested twice without success, making it a critical point for bulls. If SHIB manages to break above $0.0000028, it could indicate further upside potential. Additionally, the $0.0000026 to $0.0000027 range has also shown some resistance, making it a moderate hurdle for price progression.

Outlook: What’s Next for Shiba Inu?

The short-term outlook for Shiba Inu is uncertain. If SHIB holds the $0.0000025 support, it may retest the $0.0000028 resistance. A breakout above this level could lead to more gains. However, if the price falls below $0.0000022, it could signal a bearish trend. Technical indicators suggest that SHIB may be overbought.

SHIB/USD 4-hour price cart, Source: Trading view

The RSI is reading 71.04, which suggests that the coin may face a price correction soon. The MACD, trading above its signal line, supports the notion of a potential short-term consolidation or correction.