Shiba Inu Token Sees Limited Bull Momentum Despite Strong Support
The shiba inu (SHIB) token is trading higher, though momentum remains weak. Buyers have established support between $0.00001265 and $0.00001270 over the last 24 hours.
Geopolitical tensions and changing trade policies are impacting cryptocurrency markets, with SHIB benefiting from the current uncertainty. However, it has not sustained gains above the 100-day simple moving average at $0.00001332, currently trading at $0.00001317, reflecting a 2.9% increase in the past 24 hours.
Key technical insights
- Support established at $0.00001267, with consistent buyer activity.
- Price action shows an uptrend with higher lows and higher highs, breaking resistance at $0.00001294 and $0.00001313.
- Initial consolidation created support at $0.00001330, leading to a breakout at 01:35 with high volume (14.6B).
- Formation of an ascending channel resulted in a local high at $0.00001345.
- Profit-taking occurred towards the end, indicating potential short-term resistance while maintaining a bullish structure.