Shiba Inu's (SHIB) value surged by a significant 30% in the previous week, resulting in profits for its investors. However, this rapid increase has caused the market to become overheated, raising concerns about a potential price correction as investors may start selling off their holdings.

Currently, the Market Value to Realized Value (MVRV) Ratio for Shiba Inu stands at 22%, indicating that investors who purchased SHIB in the past month are now enjoying a 22% profit. Nevertheless, such a high MVRV ratio historically signals a risky situation for the meme coin, as it often precedes price corrections between the 12% to 22% range due to increased selling pressure from investors looking to take profits.

Additionally, the Relative Strength Index (RSI) for Shiba Inu has entered the overbought zone, surpassing the 70.0 mark, indicating that the bullish momentum may be reaching a saturation point. This typically leads to a price correction as traders and investors start to reevaluate their positions amidst profit-taking activities.

Despite the recent positive price movement, Shiba Inu may face resistance as it nears the $0.00001676 mark. Failure to surpass this level could result in a pullback towards support at $0.00001462, with the potential for further declines if profit-taking intensifies. However, breaking through the resistance level and maintaining the upward momentum could lead to a push towards the next resistance at $0.00001961, particularly in a bullish market scenario that supports SHIB's rally and extends its growth.