SHIB nears key resistance at $0.0000175, with analysts eyeing a breakout toward $0.000028.
Trading volume surged 92.52% to $605M, signaling strong buying interest and growing market activity.
RSI at 78.65 shows overbought conditions, but MACD and Stochastic still support continued bullish momentum.
Shiba Inu (SHIB) continues to show strong upward momentum in July, supported by rising trading activity and investor interest. The price is nearing a critical resistance level, and analysts are watching for a potential breakout. If price clears $0.0000175, SHIB could target $0.000028 in the near term.
SHIB Maintains Bullish Structure as Resistance Approaches
Shiba Inu is at a price of $0.00001574 representing a 3.4% gain over the past 24 hours. Its market capitalization jumped to $9.27 billion with a 92.52%increase in trading volume which stood at $605 million according to CoinMarketCap. The volume-to-market cap ratio now stands at 6.51%, showing strong market activity.
The 4-hour SHIB/USDT chart contains a clear trend of higher highs and higher lows that began in early July. Price remains above key support zones between $0.00000980 and $0.00001190, levels that held firm during previous consolidations. Volume bars show growing interest, with green bars dominating during recent uptrends.
https://twitter.com/CW8900/status/1947198833349583201
Analyst CW8900 via X stated, “If SHIB breaks through the sell wall of $0.0000175, a smooth rise to $0.000028 is expected.” This projection aligns with bullish sentiment driven by increased participation and token accumulation.
Technical Indicators and On-Chain Metrics Support Uptrend
IntoTheBlock data reveals that 46% of SHIB holders are in profit, while 79% have held for over a year. Large holders control 74% of the supply, suggesting continued confidence in the token's future price movement.
The price correlation with Bitcoin remains high at 0.89, indicating SHIB is tracking broader market trends. Technical indicators show strength. The RSI is at 78.65, placing SHIB in overbought territory.
However, the MACD and Stochastic Oscillators continue to support the uptrend. The Bollinger Bands show the price near the upper resistance band, which could lead to either a breakout or temporary pause.
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