Shiba Inu (SHIB) continues its upward trend, nearing the $0.00002 resistance level after an 8% weekly surge. With buying pressure building, traders are watching closely to see if the breakout will hold or lead to a pullback.

SHIB Price Approaches Key Resistance Level

Shiba Inu (SHIB), a cryptocurrency with a dog motif, has seen a significant price spike recently due to growing demand for the coin. The price of SHIB has been going up since October and is currently circling around the $0.00002 mark, which is considered a major barrier to further gains.

After reaching a high of $0.00001956 early Saturday, SHIB has gained 3.18% in the past 24 hours, reaching $0.00001927 at the time of writing. A market price of $11.35 billion puts the token up eight percent from the previous week, allowing it to retake the twelfth position in the cryptocurrency list.

Meme Coins Surge Amid Market Buzz

Per U.Today, the recent increase in SHIB is just one example of how meme currencies have been trending this week.

Santiment reports that conversations about meme coins have skyrocketed this week. As the market for Bitcoin approaches $70,000, traders are increasing their bets on high-leverage speculative meme currencies, driving up the discussion rates to a level not seen since May.

Traders Watch SHIB’s Resistance at $0.00002

The fact that Shiba Inu is still trading near the $0.000020 overhead barrier indicates that the bullish push is still quite strong.

The on-chain data shows that a significant volume of SHIB is being held at a resistance level of $0.0002. The current market value of 437.68 trillion SHIB is between $0.000018 and $0.000020, according to data from IntoTheBlock, which was owned by 44,700 addresses.

Will SHIB Break Out or Face Reversal?

As the price of SHIB approaches $0.00002, technical analysts are keeping a careful eye on the market to see if the breakthrough level will be sustained. If the price can overcome the important resistance level of $0.00002, it may open the door to much greater increases. Nevertheless, a reversal could occur if SHIB is unable to maintain this level.

RSI Points to a Potential Breakout

A possible breakout is indicated by the positive RSI. Shiba Inu will show an inverted head-and-shoulders pattern if the price goes beyond $0.000020. You should aim for $0.000028 with this reversal setup.

Conversely, the $0.000012 to $0.000020 range could be extended for a little longer if profit-taking happens and Shiba Inu goes below the 50-day SMA of $0.000015.