SHIB Surges 6.7% Amid Strong Buying Interest and Resistance Breakthrough
The Shiba Inu token (SHIB) has shown resilience amid market volatility, breaking through key resistance levels and maintaining positions above major moving averages, as per CoinDesk Research's technical analysis.
Key findings include:
- SHIB rose from a low of 0.00001399 to a high of 0.00001492, a 6.7% range.
- The price formed an uptrend with support established at 0.00001428.
- Volume spikes confirmed strong buying interest during specific hours.
- Resistance was noted at 0.00001467, which SHIB surpassed before closing at 0.00001474.
- Despite bullish indicators, short-term volatility saw a decline from 0.00001485 to 0.00001475 (0.7%).
- Selling pressure intensified around 02:45-02:47, reaching a low of 0.00001471.
- Volume analysis indicated significant distribution at higher price levels.
- Although there was a recovery attempt, SHIB remains below previous key resistance levels.
Approximately 80% of SHIB holders are currently experiencing losses, with only 16.59% in profit. Community interest persists as development continues on Shibarium, aiming to expand SHIB's utility.