Shiba Inu Coin Price Analysis: Will SHIB Break $0.00004 Resistance for Further Gains?

Shiba Inu Coin, a cryptocurrency rooted in meme culture, has recently marked a remarkable ascent in the digital currency market. This surge reflects the broader trend of investor speculation on potential increases in value across the market. Notably, since the onset of March, Shiba Inu's value has seen an impressive leap, more than tripling and breaking through the previously established resistance level of $0.000032. 

However, the last 24 hours have seen a pullback in Shiba Inu Coin's price, with a decline of 8%, positioning it at $0.00003215. Despite this temporary dip, the sentiment among investors remains bullish, mirroring the positive momentum seen in other meme cryptocurrencies such as PEPE, DOGE, BONK, and WIF. 

Over the last fortnight, its value surged by more than 150%, moving from a modest $0.00001 to an impressive peak of $0.00004456. Following this peak, the coin is now having a major correction in its value. The rapid ascent of Shiba Inu Coin underscores a growing confidence among investors, highlighted by a substantial 35% increase in its value over the past week alone.

Currently, the market capitalization of Shiba Inu Coin is estimated at $18.88 billion, securing its position within the top 10 cryptocurrencies, as per data from CoinMarketCap. Despite experiencing a 16% decline in its 24-hour trading volume, now at $1.9 billion, the enthusiasm n remains high, reflecting strong community support and investor interest in its long-term potential.

Community Engagement and Token Burn

SHIB enthusiasts have witnessed a significant uptick in the token's burn rate, drawing attention from the global crypto market. Shibburn reports a staggering 300% increase in burn activities over the past day. This rise in token destruction is generating positive speculation about SHIB's price trajectory. Despite a major price dip, the continuous burn efforts and breaking the $0.00003 mark have the community buzzing about its potential.

Currently, SHIB stands at a pivotal point, challenging the $0.00003513 resistance level. Overcoming this obstacle could signal further upward movement, reaching $0.0000389 or even the ambitious $0.0004 target. Conversely, failing to maintain this level could see SHIB sliding towards the $0.00002 support, altering the optimistic outlook.

SHIB Price Chart: Tradingview

The 24-hour technical indicators for Shiba Inu (SHIB) against the US dollar suggest notable market activity. The Bollinger Bands show a significant width, with the upper band at 0.00004335 and the lower band at 0.00002133, indicating high volatility. The Relative Strength Index (RSI) points to strong momentum, standing at 75.25, indicating an overbought trend.