Shiba Inu Bulls Hold Key Support as Volume Soars Past 1 Trillion Tokens
Shiba Inu (SHIB) rose over 2% in the last 24 hours, with strong buying pressure defending crucial support levels amid a surge in trading volume.
The meme cryptocurrency dipped earlier Wednesday alongside Bitcoin and broader markets as investors de-risked ahead of Federal Reserve Chair Jerome Powell’s upcoming speech.
Buyers stepped in near the psychological support at $0.00001200, helping SHIB recover above the ascending trendline connecting lows from June 22 and August 2. The token also climbed above $0.00001231, the 61.8% Fibonacci retracement level of its June-July rally.
Bulls Power SHIB’s Rally
SHIB bounced from $0.000012295 to close near $0.000012574 on strong bullish momentum. The token broke through resistance levels and is now targeting the $0.000012700 psychological barrier.
CoinDesk’s AI-driven technical analysis identifies $0.000012700 as the next critical resistance for the bulls to conquer.
Technical Indicators Signal Strength
- SHIB traded in a range from $0.000012089 to $0.000012705, a 5% spread between session lows and highs.
- Institutional activity peaked between 13:00 and 14:00 UTC, pushing volume above 1 trillion tokens.
- Price support held above $0.000012250, confirming strong demand.
- Mid-session selling pressure failed to break below $0.000012089 support.
- Breaking $0.000012600 resistance triggered a volume surge to 12.8 billion tokens.
CD20 Index Remains Stable Despite Volatility
The CD20 index, which tracks institutional interest in top cryptocurrencies, remained stable even as SHIB’s volatility increased. This points to ongoing selective institutional confidence amid short-term market fluctuations.
