Shiba Inu Shows Strong Resolve as Majority of Holders Remain Underwater
Despite ongoing volatility in the crypto market, Shiba Inu (SHIB) has demonstrated notable resilience by breaking through important resistance levels and holding steady above major moving averages, according to CoinDesk Research’s technical analysis.
Even though nearly 80% of SHIB holders are currently facing unrealized losses, the token’s momentum remains positive. This optimism is supported by continued development of Shibarium, a Layer 2 scaling solution aimed at expanding SHIB’s utility beyond its meme coin origins.
Technical Highlights:
- SHIB climbed from a low of 0.00001399 to a peak of 0.00001492 in the last 24 hours, marking a gain of almost 7%.
- A well-defined uptrend is in place, with higher lows setting support near 0.00001428.
- Trading volumes spiked significantly at 13:00 and 02:00, signaling robust buying interest.
- SHIB surpassed resistance at 0.00001467 during the late trading session.
- It closed at 0.00001474, with momentum indicators pointing toward further bullish potential.
- The token maintained its position above all key moving averages throughout the period.
- Increased volatility was observed in the last hour, with prices falling from 0.00001485 to 0.00001475 amid selling pressure.
- SHIB’s highest price was 0.00001487 before encountering selling around 02:34.
- Selling intensified between 02:45 and 02:47, pushing prices to a session low of 0.00001471.
- Volume analysis indicates significant profit-taking during the 02:42 and 03:04 candles.
- Despite some price rejection, SHIB staged a recovery with higher lows around 0.00001474.
- The token remains just below the key resistance level set in its recent rally.
