Shiba Inu Clears 200-Day Average as Trading Volume Explodes
Shiba Inu (SHIB) surged over 5% on Thursday, crossing above its 200-day simple moving average (SMA) for the first time in six months — a key technical breakout that signals renewed bullish momentum.
The memecoin rallied from $0.00001459 to a high of $0.00001569 before settling near $0.00001560. The move was backed by a massive spike in trading volume, which soared to 4.88 trillion SHIB — more than three times the daily average — highlighting increased market participation.
On-chain data further supports the bullish shift, showing that the supply of SHIB on centralized exchanges has dropped to its lowest level since 2023. This trend suggests investors are moving tokens off exchanges, typically a sign of long-term holding sentiment.
Key Market Highlights:
- Breakout Level: SHIB broke above its 200-day SMA — a trend-defining indicator.
- Price Range: The token fluctuated within a 12.7% window, from $0.00001391 to $0.00001569.
- Volume Spike: Peak activity occurred between 01:00–05:00 UTC, with over 4.8 trillion tokens traded.
- Whale Interest: Large wallet activity picked up around the $0.00001500 mark, hinting at institutional involvement.
Technically, the breakout also completes a double-bottom pattern, often interpreted as a bullish reversal signal. Traders now look to $0.00001570 as the next resistance zone, with potential upside if momentum continues.
Still, caution remains as broader market conditions could trigger profit-taking. Analysts stress the need for sustained volume and institutional interest to maintain upward momentum.
