Shiba Inu Price: SHIB Resumes Upside, Retests Key Resistance

Summary:
• Shiba Inu price has risen substantially at a time when meme coins are struggling amid altcoin rally. Here's why SHIB's upside will extend.

Shiba Inu price recovered on Wednesday, going up by 5% at the time of writing to trade at $0.0000300. The coin declined in the previous two sessions, but has been among the standout performers in the meme coin ecosystem. SHIB price has gained 22% in the last week, the same time window during which Dogecoin, PEPE and DogWifHat (WIF) have gained 6%, 12% and 10% respectively.

The meme coin ecosystem has put an underwhelming performance this crypto rally cycle, as investors allocate more weight to BTC and utility-driven altcoins. Shiba Inu, while originally a meme coin, has undergone several improvements that have seen it conjure utility through its Shibarium Layer-2 blockchain. This has set SHIB apart from peers in the meme coin market.

Whale transactions have also provided traction for SHIB price. The token has $2 billion worth of transactions whose value exceeds $100k per transaction. That signals stable investor interest in the asset, which favours the price upside.

Meanwhile, 23% of SHIB holders are “Out of the Money” as per on-chain analytics site, IntoTheBlock. That will offer support as a nearly a quarter of investors are unlikely to sell their holdings at a loss. Meanwhile, the 24-hour trading volume was up by 40% and the Open Interest was marginally up by 0.3%. That adds credence to the Shiba Inu price upside narrative.

Shiba Inu price prediction

Shiba Inu price has its pivot at $0.0000294, and the upside is likely to prevail, as indicated by the RSI. With the buyers in control, SHUBUSD is likely to move higher and encounter the first resistance at $0.0000301. However, extended bullishness will break above that level and test the second resistance at $0.0000310.

Conversely, SHIB’s move below $0.0000294 will shift the momentum towards the downside. With that, the coin is likely to find the first support at $0.0000287. A stronger bearish momentum could break below that level, invalidating the upside narrative. Meanwhile, the decline could extend to the second support at $0.0000282.