Bulls Defend Two Critical Supports in Shiba Inu as Volume Hits $1T — What’s Next?

Shiba Inu Bulls Hold Firm as Volume Surpasses 1 Trillion Tokens

Shiba Inu (SHIB) climbed over 2% in the last 24 hours, supported by strong buying that defended critical support levels amid a surge in trading volume.

The meme token dropped earlier Wednesday, following Bitcoin and broader market declines as traders reduced risk ahead of Fed Chair Jerome Powell’s upcoming speech.

Buyers stepped in near the key psychological support at $0.00001200, stabilizing the price and pushing SHIB back above the ascending trendline connecting June 22 and August 2 lows. SHIB also reclaimed the $0.00001231 level, which marks the 61.8% Fibonacci retracement of its June-July rally.

Bulls Drive Recovery

After weathering early volatility, SHIB rallied from $0.000012295 to close near $0.000012574 on strong buying momentum. The token broke through resistance levels and now targets the psychological $0.000012700 mark.

CoinDesk’s AI technical model points to $0.000012700 as the next key resistance for bulls to overcome.

Technical Overview Shows Bullish Signs

• SHIB traded between $0.000012089 and $0.000012705, reflecting a 5% spread between session lows and highs.
• Institutional activity peaked between 13:00 and 14:00 UTC, driving volume past 1 trillion tokens.
• Support held firm above $0.000012250, confirming strong demand.
• Mid-session selling pressure failed to breach $0.000012089 support.
• Breaching resistance at $0.000012600 triggered a volume surge to 12.8 billion tokens.

CD20 Index Stable Despite Volatility

The CD20 index, tracking institutional interest in major cryptocurrencies, remained steady even as SHIB’s volatility increased. This suggests institutions continue to selectively engage with the market despite short-term fluctuations.