Shiba Inu Bulls Maintain Support as Volume Surges Beyond 1 Trillion Tokens
Shiba Inu (SHIB) rose more than 2% over the past 24 hours, with strong buying activity reinforcing key support levels amid a significant spike in trading volume.
The meme coin faced early losses Wednesday, mirroring Bitcoin and the broader market’s risk-off sentiment ahead of Federal Reserve Chair Jerome Powell’s upcoming speech.
Buyers returned near the psychological $0.00001200 support, preventing further decline and helping SHIB climb back above the ascending trendline connecting lows from June 22 and August 2. The token also surpassed the important $0.00001231 level, marking the 61.8% Fibonacci retracement of its June-July rally.
Bulls Power SHIB Rebound
After initial volatility, SHIB surged from $0.000012295 to close near $0.000012574, fueled by robust buying pressure. The token breached resistance points and now eyes the $0.000012700 psychological level as the next key target.
According to CoinDesk’s AI-driven technical analysis, overcoming $0.000012700 is critical for sustained bullish momentum.
Technical Signals Point to Bullish Momentum
- SHIB’s trading range spanned from $0.000012089 to $0.000012705, a 5% range between session lows and highs.
- Institutional trading peaked between 13:00 and 14:00 UTC, driving volume above 1 trillion tokens.
- Price support held above $0.000012250, confirming demand strength.
- Mid-session selling around 13:00 failed to break below $0.000012089 support.
- Breaking resistance at $0.000012600 triggered a volume spike to 12.8 billion tokens.
CD20 Index Stays Steady Amid Market Volatility
The CD20 index, tracking institutional interest across major cryptocurrencies, remained steady despite heightened volatility in SHIB. This suggests continued institutional selectivity and confidence amid short-term price fluctuations.
