The dog-themed cryptocurrency Shiba Inu (SHIB) has recently experienced a notable price surge, capturing the attention of traders and analysts alike. The main question is whether the coin will overcome the significant resistance level of $0.00002, which could determine its future trajectory.

SHIB Price Growth and Current Position

As of the time of writing, SHIB was up 3.18% in the last 24 hours to $0.00001927, after reaching highs of $0.00001956 in the early Saturday trading session. The token is up 8% weekly and has reclaimed the 12th spot in the crypto ranking with a market valuation of $11.35 billion.

Overall Trend in the Meme Coin Market

The recent SHIB surge is part of a broader trend where meme coins have gained significant attention this week. According to Santiment, there has been a massive increase in discussions about these coins, especially as Bitcoin approaches the $70,000 mark. This has led to increased speculation in high-risk meme coins.

Technical Analysis and Forecasts

Technical analysts are closely watching SHIB's price action as it nears the $0.00002 mark. This level is seen as crucial resistance, and breaking through it could pave the way for further gains. However, if SHIB fails to sustain this level, a pullback might occur. The positive RSI indicates a possibility of a breakout. Should the price close above $0.000020, Shiba Inu could form an inverted head and shoulders pattern, targeting $0.000028. Conversely, if profit-taking ensues and SHIB falls under the 50-day SMA of $0.000015, it could extend its stay in the $0.000012 to $0.000020 range.

The Shiba Inu surge has been the talk of the week amidst widespread attention on meme coins. Moving forward, much will depend on whether the resistance at $0.00002 is overcome and how the market behaves concerning interest in speculative assets.