The Shiba Inu token has demonstrated remarkable resilience despite broader market volatility, successfully breaking through key resistance levels while maintaining position above all major moving averages, according to CoinDesk Research’s technical analysis data model.
Technical indicators suggest continued bullish sentiment, though short-term price action shows some consolidation after the recent gains.
Market analysis reveals approximately 80% of SHIB holders are currently underwater at current prices, with only 16.59% in profit.
However, this hasn’t dampened community enthusiasm as development continues on Shibarium, the Layer 2 scaling solution designed to enhance SHIB’s utility beyond its meme coin origins.
Technical Analysis Highlights
- SHIB demonstrated remarkable resilience over the 24-hour period, climbing from a low of 0.00001399 to a high of 0.00001492, representing a 6.7% range.
- The price action formed 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.
- Notable resistance emerged at 0.00001467, though SHIB successfully broke through this level in the final hours.
- SHIB closed at 0.00001474 with momentum indicators suggesting continued bullish sentiment.
- The token maintains position above all key moving averages.
- In the last hour, SHIB experienced notable volatility with a clear downtrend, falling from 0.00001485 to 0.00001475, representing a 0.7% decline.
- The token reached its peak at 0.00001487 at 02:34 before encountering selling pressure.
- Selling pressure intensified around 02:45-02:47, pushing prices to a session low of 0.00001471.
- Volume analysis reveals significant distribution at higher levels, particularly during the 02:42 and 03:04 candles. •
- Above-average volume coincided with price rejections. •
- Despite a modest recovery attempt in the final minutes with higher lows forming around 0.00001474, SHIB remains below the key resistance established during the previous 24-hour rally.
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