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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