Over the past 24 hours, Shiba Inu’s trading volume surged with 1.34 billion SHIB transactions. This increase follows a broad market sell-off, leading to more than $1 billion in liquidated leveraged positions. Initially driven by forced sales, trading activity soon attracted investors perceiving the dip as an opportunity.
Sharp Price Drop Within Two Days
The price of Shiba Inu (SHIB) fell from $0.00000580 to $0.00000534 in just two days. The most intense trading day of the week coincided with a sharp downward trend, with the price sliding to $0.00000510 on Thursday before attracting buyers. A prominent lower wick on the intraday chart suggests active buying interest at the low point.
“The limited volume in the latest rally attempt indicates that the recovery is not yet strongly confirmed.”
Currently, Shiba Inu is trading at $0.00000534, holding just above the short-term average of $0.00000529, a critical level under scrutiny. Maintaining this support is deemed essential for the short-term outlook.
Key Resistance Levels Identified
Moving averages clustering between $0.00000545 and $0.00000549 serve as the initial resistance. A more crucial threshold at $0.00000565 lies just above. Shiba Inu failed to establish itself above this level this week, and reclaiming it is necessary to strengthen its short-term trend.
The Relative Strength Index (RSI) is at 44, signaling market weakness while not yet indicating oversold conditions. Therefore, sellers maintain a limited edge in the near term.
Critical Levels to Monitor
A daily close above $0.00000549 would be a positive indicator for buyers, potentially targeting $0.00000565, followed by $0.00000580, and eventually $0.00000600. Conversely, a closing price below $0.00000529 could invalidate the recent recovery attempt, risking a retest of $0.00000510 and subsequently $0.00000500.
“If robust volume supported by green candles forms above $0.00000529, a new upward movement toward $0.00000565 for SHIB might emerge.”
The same price range was notable in September. Thus, while new volume in the current support area is significant, sustaining momentum requires consistent buying and continued support from trading activity to forge a durable directional change.
