Shiba Inu (SHIB) Price Today Surges More Than 7% as Bulls Extend Breakout

The Shiba Inu (SHIB) price today is trading near $0.00001690, reflecting a surge of more than 7%

Shiba Inu's (CRYPTO: SHIB) price had surged by more than 7% in the past 24 hours as bulls extended a breakout that began on May 9. This strong upside move comes after Shiba Inu cleared a multi-week descending trendline and rallied past multiple resistance zones.

What Happened: The daily chart reveals that SHIB has broken cleanly above the $0.00001600 barrier, which had previously acted as a major supply zone. The Shiba Inu price action confirms a bullish structure, forming higher highs and pushing toward the $0.00001750 resistance. If this level is decisively breached, the next major Fibonacci resistance lies at $0.00001850 and $0.00002026—coinciding with the 38.2% and 50% retracement levels from the 2024 high to 2025 low.

This Shiba Inu price update also shows growing bullish sentiment as SHIB's daily candlesticks have formed strong-bodied green closes, supported by a sharp rise in trading volume and increasing momentum.

On the 30-minute and 4-hour charts, RSI is holding above 65, suggesting bullish momentum but also inching toward overbought territory. The 30-min RSI at 65.36 and 4-hour RSI around 70 show strong short-term buying, though further upside could face temporary resistance near $0.00001750.

The 30-minute chart for Shiba Inu (SHIB) shows the cryptocurrency is inching closer to overbought territory as it trades above key EMAs and the Ichimoku Cloud.

Credit: TradingView

On the other hand, MACD remains bullish across intraday timeframes. The MACD lines have crossed upward on both the 30-min and 4-hour charts, with histogram bars expanding—signaling continuation of the short-term rally. The MACD line recently flipped positive for the first time since late April.

From a Bollinger Bands perspective, SHIB candles are riding the upper band on the 4-hour chart, which suggests a classic trend continuation. However, the gap between the bands is widening, a sign of Shiba Inu price volatility potentially peaking. This can often precede either consolidation or a retracement.

Another key factor in today's Shiba Inu price spikes is the bullish break above the Ichimoku Cloud on the 30-minute chart. SHIB is now trading above all cloud components (Tenkan, Kijun, Senkou Span A/B), affirming bullish control over the trend.

Moreover, on the 4-hour chart, SHIB is holding above all key EMAs (20, 50, 100, 200), with the 20 EMA at $0.00001560 acting as dynamic support. This EMA stack continues to slope upward, reinforcing a bullish setup and providing a potential buy-the-dip zone if prices pull back.

The Shiba Inu price action also shows a potential continuation flag on lower timeframes, as the price consolidates near its highs. If bulls defend the $0.00001650 support, SHIB could stage another breakout heading into May 13.

Why Is Shiba Inu Price Spiking Today?: The answer lies in a confluence of technical breakouts, increased meme coin speculation, and a renewed appetite for risk across altcoins. SHIB's bullish reversal began with a trendline break and has been reinforced by a broader rebound in low-cap crypto assets.

With open interest in meme coins also rising and SHIB capturing speculative attention, traders are positioning for further Shiba Inu price spikes into resistance zones. However, profit-taking near the $0.00001750 to $00001850 range may stall the rally.

SHIB Price Table (May 13 Outlook):