Shiba Inu Bulls Stand Firm at Dual Support with 1 Trillion in Trading Volume

Shiba Inu (SHIB) has surged by over 2% in the last 24 hours, maintaining vital support levels thanks to robust trading volumes. The cryptocurrency initially dipped due to broader market downturns but managed to rebound, successfully crossing critical thresholds including the 61.8% Fibonacci retracement line.

SHIB’s price range exhibited a 5% spread, with trading volume skyrocketing beyond 1 trillion tokens.

What to note:

Early market de-risking influenced SHIB’s price, but buyers stepped in near the $0.00001200 level, reinforcing support.
A solid recovery saw prices ascend above the ascending trendline joined from June 22 to August 2 lows, paired with the key resistance point of $0.00001231, coinciding with the Fibonacci level from the preceding rally.

SHIB Trading Chart

“SHIB surges 5% on heavy institutional buying, defending key $0.000012089 support and breaking $0.000012600 resistance amid volatile trading.” “SHIB surges 5% on heavy institutional buying, defending key $0.000012089 support and breaking $0.000012600 resistance amid volatile trading.” (Translation: SHIB’s rally is driven by significant buy-side interest and it has managed to hold pivotal support levels.)

Bulls Fuel SHIB Comeback

SHIB navigates through market turbulence, rising from $0.000012295 to $0.000012574 fueled by strong bullish activity. The token is currently eyeing the next psychological resistance at $0.000012700.

Technical Data Highlights:

SHIB fluctuated within a range of $0.000012089-$0.000012705, showcasing a 5% range.
Institutional interest peaked during the 1 PM to 2 PM period, facilitating a dramatic increase in volumes over 1 trillion tokens.
Prices consistently held above $0.000012250, suggesting a strong demand floor.
Attempts to break the $0.000012089 support were unsuccessful, while the $0.000012600 barrier was broken leading to a significant volume increase to 12.8 billion tokens.

Disclaimer: Some parts of this article were developed with the help of AI tools and verified for accuracy by the editorial team.