Technical indicators suggest strengthening bullish momentum for Shiba Inu (SHIB) as it capitalizes on Ethereum’s recent market surge. The dog-themed cryptocurrency has reclaimed its 200-day moving average while forming a golden cross pattern between the 23-day and 50-day moving averages – historically significant technical buy signals.
SHIB’s upward movement closely mirrors Ethereum’s rally beyond the $3,600 resistance level, reaffirming its position as an altcoin proxy for Ethereum market sentiment. Traders are now watching SHIB’s critical resistance near $0.00001698, with a decisive breach potentially opening the path toward yearly highs. Rising trading volume demonstrates growing market engagement and reinforces SHIB’s ongoing relevance in the cryptocurrency ecosystem.
While SHIB remains tethered to Ethereum’s performance and broader altcoin market dynamics, analysts caution that short-term volatility persists despite current technical optimism. This correlation continues positioning SHIB as a sentiment indicator reflecting speculative interest in Ethereum-affiliated assets.