Shiba Inu (SHIB) recorded a 51.58% spike in 24-hour trading volume, reaching $519.18 million, while its price increased 5.16% to $0.00001441. This surge aligns with Ethereum's breach of the $3,000 resistance level, leveraging SHIB's Ethereum network effect for momentum.
Technical indicators show bullish signals, including the coin flipping its 7-day and 30-day moving averages. Bollinger Bands suggest a potential 20% short-term price increase, potentially fueling a retest of the $0.000020 level last seen in January 2025.
On-chain metrics reveal 1.52 million SHIB holders – a record high – with the Age Consumed metric near cycle lows, indicating long-term holders aren't selling. Fibonacci analysis identifies key resistance levels at $0.00001463 and $0.00001588, projecting a 46% rally to $0.000020 if momentum holds.
Risks include overbought conditions and the need to maintain SHIB's deflationary burn mechanism. A drop below $0.00001288 would invalidate the bullish outlook.