Shiba Inu recorded a sharp increase in trading activity, with 1.34 billion SHIB exchanged over the past 24 hours. The spike followed a significant drop across the broader cryptocurrency market, which led to more than $1 billion in leveraged positions being liquidated.
Increased trading volume and price action
Most of this new volume appears to have been driven by a combination of forced liquidations from sellers and an influx of buyers seeking out discounted prices. Trading data indicates heavy activity during the downturn, particularly when SHIB dropped from $0.00000580 to $0.00000534 over two days. The sharpest trading volume of the week was registered in a red candle, marking the rapid decline.
On Thursday, SHIB reached a low of $0.00000510 before buyers entered the market, as shown by a pronounced lower wick on the price chart. The token has since recovered modestly, with its price now at $0.00000534, hovering above a key average near $0.00000529.
Key support and resistance levels
Support around $0.00000529 has proven crucial for SHIB. The most recent daily trading session closed with a green candle, signifying that buyers were able to keep the price above this level. However, modest volume on the rebound suggests that a sustainable recovery is not yet confirmed. Immediate resistance sits between $0.00000545 and $0.00000549, supported by a cluster of moving averages just above current prices.
A longer-term resistance trendline at $0.00000565 remains a challenging barrier, with SHIB failing to stay above this level earlier in the week. Regaining this area is considered essential to reassume upward momentum.
| Level | Type | Current Status |
|---|---|---|
| $0.00000529 | Support | Holding |
| $0.00000545-$0.00000549 | First Resistance | Above Price |
| $0.00000565 | Major Resistance | Not Broken |
| $0.00000510 | Secondary Support | Tested Recently |
Technical indicators and outlook
The Relative Strength Index (RSI) currently stands at 44, indicating ongoing market weakness but stopping short of oversold territory. Seller pressure continues, though bulls may gain the advantage if SHIB closes a trading session above $0.00000549. Further upside targets for bulls are $0.00000565, $0.00000580, and $0.00000600. Conversely, a close below $0.00000529 could negate the recent bounce, exposing SHIB to additional downside toward $0.00000510 before further support at $0.00000500.
Many traders point to the ongoing battle between bulls and bears in this price range, with renewed volume near support levels giving buyers a short-term advantage.
This price zone was also significant in September, contributing to its current technical importance. Observers note that persistent volume on upward candles while holding above $0.00000529 could open the door for a move to $0.00000565. On the other hand, renewed selling pressure could prompt another test of $0.00000510.
Shiba Inu, commonly abbreviated as SHIB, is a popular meme coin launched in 2020 as an experiment in decentralized community building, often considered an alternative to Dogecoin.
