Shiba Inu Shows Strong Resilience Despite Majority of Holders Remaining Underwater
Despite broader market turbulence, the Shiba Inu (SHIB) token has displayed notable strength by breaking through key resistance levels and holding above all major moving averages, according to CoinDesk Research’s technical analysis.
Technical indicators continue to signal bullish momentum, although short-term price action reflects some consolidation following recent gains.
Market data reveals that about 80% of SHIB holders are currently at a loss, with only 16.59% holding profitable positions. Yet, this hasn’t hindered the enthusiasm within the community, especially as development advances on Shibarium — a Layer 2 scaling solution aimed at expanding SHIB’s utility beyond its meme token status.
Technical Highlights:
- Over the past 24 hours, SHIB rallied from a low of 0.00001399 to a high of 0.00001492, marking a 6.7% intraday move.
- The price trend formed a clear uptrend, with higher lows providing support near 0.00001428.
- Volume spikes above the daily average at 13:00 and 02:00 confirmed strong buyer interest.
- Resistance at 0.00001467 was successfully breached during the latter part of the session.
- SHIB closed at 0.00001474, with momentum indicators favoring further upward movement.
- The token consistently stayed above key moving averages throughout the day.
- In the last hour, SHIB experienced volatility, dipping 0.7% from 0.00001485 to 0.00001475 amid selling pressure.
- A peak of 0.00001487 was reached at 02:34 before sellers stepped in.
- Intense selling between 02:45 and 02:47 pushed prices down to a session low of 0.00001471.
- Volume analysis showed significant distribution during high-price candles around 02:42 and 03:04.
- Above-average volume coincided with price rejections during these periods.
- Despite a modest rebound near the close, with higher lows forming around 0.00001474, SHIB remains below the key resistance level established earlier in the day.
