Shiba Inu (SHIB) has surged to new heights, breaking through key resistance levels and maintaining its position above all major moving averages despite broader market volatility.
Shiba Inu (SHIB) Sees Significant Rally Amid Strong Buying Pressure
Technical Analysis Highlights
Shiba Inu (SHIB) has demonstrated remarkable resilience in the face of broader market volatility, successfully breaking through key resistance levels while maintaining its position above all major moving averages.
Shib, also known as SHIB or Dogecoin Killer, is a decentralized cryptocurrency.
It was created in 2020 by an anonymous individual using the pseudonym 'Ryoshi.'
Shib's primary goal is to become a community-driven alternative to existing cryptocurrencies.
The project's mascot is a Shiba Inu dog, referencing the internet meme and symbol of the cryptocurrency Dogecoin.
The token’s price action over the past 24 hours shows a clear uptrend, with higher lows establishing support at $0.00001428. Significant volume spikes above the 24-hour average at 13:00 and 02:00 confirmed strong buying interest, despite resistance at $0.00001467. Notably, SHIB successfully broke through this level in the final hours.
” tern=”**shib** price” ]
As of press time, SHIB was trading near $0.00001445, representing a 16% increase over the past month. The token’s market capitalization has seen significant fluctuations, with approximately 25.74 trillion SHIB tokens held by 34,170 addresses concentrated within the narrow price band between $0.000014-$0.000015.
However, it plummeted to around $8 billion by mid-2022.
The SHIB market capitalization is influenced by factors such as investor sentiment, trading volume, and the overall cryptocurrency market trends.
” tern=”**shib** market capitalization” ]
Bullish Sentiment Amidst Market Volatility
Despite broader market volatility, technical indicators suggest continued bullish sentiment for SHIB. The token maintains its position above all key moving averages, indicating a strong uptrend. However, short-term price action shows some consolidation after the recent gains.
Meanwhile, market analysis reveals that approximately 80% of SHIB holders are currently underwater at current prices, with only 16.59% in profit. This has not dampened community enthusiasm, as development continues on Shibarium, the Layer 2 scaling solution designed to enhance SHIB‘s utility beyond its meme coin origins.
Volatility and Price Rejections
In the last hour, SHIB experienced notable volatility, falling from $0.00001485 to $0.00001475 before recovering to $0.00001474. Volume analysis reveals significant distribution at higher levels, particularly during the 02:42 and 03:04 candles. Above-average volume coincided with price rejections, suggesting strong buying interest.
Conclusion
Shiba Inu‘s remarkable resilience and continued bullish sentiment suggest that the token may extend its bullish reversal above $0.000015 in the coming days. However, further market analysis is required to confirm this trend.
