SHIB Gains Close to 7% After Bulls Power Through Resistance with Robust Demand
Shiba Inu Holds Firm Amid Market Volatility Despite Majority of Holders in Loss
The Shiba Inu (SHIB) token has proven its resilience by pushing through key resistance levels and maintaining a position above crucial moving averages, even as nearly 80% of holders remain underwater, according to technical insights from CoinDesk Research.
While short-term consolidation is visible after recent gains, the broader outlook remains positive, bolstered by ongoing development efforts on Shibarium — a Layer 2 solution designed to increase SHIB’s real-world use cases beyond its meme coin status.
Technical Summary:
- Over the past 24 hours, SHIB climbed from a low of 0.00001399 to a high of 0.00001492, achieving a near 7% price range.
- The asset has established higher lows, setting support around 0.00001428.
- Volume surged notably around 13:00 and 02:00, reflecting strong buying momentum.
- SHIB successfully breached resistance at 0.00001467 late in the session.
- Closing price stood at 0.00001474, with momentum signals indicating continued bullish pressure.
- The token stayed consistently above all key moving averages.
- In the last hour, SHIB experienced some selling pressure, dipping from 0.00001485 to 0.00001475.
- Peak price of 0.00001487 was reached at 02:34 before sellers pushed it lower.
- Selling intensified between 02:45 and 02:47, with prices hitting a session low of 0.00001471.
- Volume data shows significant distribution during the 02:42 and 03:04 candles.
- Despite short-term rejections, SHIB recovered with higher lows near 0.00001474.
- It remains just below the resistance level established during its latest rally.
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