- SHIB’s price surge faces critical resistance at $0.00001750-$0.00001800 zone.
- Strong volume confirms bullish trend, but RSI signals potential short-term pullbacks.
- Persistent outflows raise concerns, requiring consistent inflows for trend reversal.
Shiba Inu (SHIB) is making headlines once again as its price climbs significantly, drawing attention from crypto enthusiasts and traders alike. With a 5.14% increase in the last 24 hours and a 30.41% jump over the past week, the meme coin has shown clear signs of strength. As of May 12 trading at $0.00001684, SHIB is nearing a critical resistance zone.
According to crypto analyst SHIB KNIGHT, the coin’s recent performance hints at a potential breakout, possibly setting the stage for a climb toward the $0.00002000 mark. This bullish sentiment gains further weight from technical indicators and strong trading volume, suggesting the rally may still have room to grow.
Resistance, Support, and Volume Confirm the Trend
SHIB is facing immediate resistance between $0.00001750 and $0.00001800. This is the zone where previous rallies stalled. If bulls manage to push past this barrier, the next logical target would be around $0.00002000.
On the downside, key support holds near $0.00001400, an area that served as a base during past consolidations. Another vital level to watch is $0.00001500. A sustained drop below this could weaken the current bullish outlook.
Significantly, the recent breakout came with a noticeable spike in volume. This confirms the strength behind the upward move. Traders should monitor volume closely, as it often drives continuation or signals reversals. SHIB KNIGHT emphasizes that as long as volume remains high, bulls are likely to stay in control.
MACD and RSI Reflect Strong Momentum but Warn of Caution
Technical indicators are supporting the current rally. The MACD line sits above the signal line at 0.00000083, reflecting bullish momentum. Its widening histogram confirms growing buying pressure.
Meanwhile, the RSI stands at 70.71, just entering overbought territory. This suggests strong momentum, but also raises caution. Short-term pullbacks or sideways action may occur as the market cools down.
Netflow Patterns Show Mixed Signals
While price action looks promising, netflows tell a more complex story. Since mid-July, SHIB has seen persistent outflows, especially between mid-November and December. Sharp withdrawals often exceeded -$50 million, typically followed by price drops.
However, occasional inflows have sparked recoveries. Notable spikes in late July, September, and January helped stabilize prices. For a lasting trend reversal, SHIB will need consistent inflows to counterbalance earlier sell-offs.
