Shiba Inu (SHIB) has recently broken the $0.00001500 ceiling, paving the way towards $0.00002 following a prolonged period of stagnation. The memecoin has surged beyond the 200 EMA on the daily chart and is striving to break through the local resistance at $0.00001720. The increasing trading volume and an RSI value exceeding 80 indicate a strengthening momentum, suggesting that the psychological level of $0.00002 could soon be tested.
Shiba Inu Overcame Resistance: Target Set at $0.00002
Since February 2024, Shiba Inu had been moving sideways but recently surpassed $0.00001500, breaking a critical ceiling. The bulls have pushed the price above both the 50-day exponential moving average (EMA) and the 200 EMA with volume-backed purchases, clarifying the next target by testing the $0.00001720 resistance on major cryptocurrency exchanges.
A crucial aspect of this surge is the 50 EMA crossing above the 100 EMA, confirming a strengthening trend. Presently, the price is producing higher lows during each pullback, maintaining corrections as limited. In past rallies, the memecoin witnessed sudden and erratic jumps, but now it has adopted a healthier, volume-based upward momentum. This structure prepares the ground for the $0.00002 level to become a surmountable psychological barrier.
Technical Indicators and Market Sentiment on SHIB Coin
According to TradingView data, the RSI indicator hovering above 80 points to an overbought region. This level can be maintained during major breakouts. Short-term momentum-focused investors and new investors joining through community support are predominantly on the buying side. The spike in volume suggests that selling pressure might remain limited even during potential corrections.
The market sentiment is positive, bolstered by Bitcoin’s stability, which allows capital to flow into altcoins. Particularly, the calm environment surrounding Bitcoin 
$78,121 increases risk appetite, and Shiba Inu capitalizes on this heightened risk appetite. A daily close above $0.00001720 would remove the last obstacle on the path towards the $0.00002 threshold.
