SHIB Rockets Almost 7% as Buyers Overcome Key Resistance Levels

Shiba Inu Defies Market Headwinds, Holds Key Levels Despite Majority of Holders Being Underwater

Shiba Inu (SHIB) continues to show resilience amid ongoing crypto market turbulence, managing to break through critical resistance zones and maintain footing above all significant moving averages, according to CoinDesk Research’s latest technical analysis.

Although about 80% of SHIB investors are currently holding losses, the token’s price action remains optimistic. This strength is fueled in part by anticipation around Shibarium, the upcoming Layer 2 scaling solution set to boost SHIB’s utility well beyond its meme coin status.

Technical Snapshot:

Over the last 24 hours, SHIB rose from a low of 0.00001399 to a high of 0.00001492, marking a gain of nearly 7%.
A clear upward trajectory is forming with higher lows providing support around 0.00001428.
Trading volumes surged significantly at 13:00 and 02:00, confirming strong buying momentum.
The token pierced through resistance at 0.00001467 in the later trading hours.
It closed at 0.00001474, with momentum indicators signaling sustained bullishness.
Throughout the period, SHIB stayed above all key moving averages, underpinning its technical strength.
The last trading hour saw some volatility, with a dip from 0.00001485 to 0.00001475 as selling pressure mounted.
SHIB briefly peaked at 0.00001487 before sellers stepped in.
The session’s low of 0.00001471 occurred between 02:45 and 02:47 amid increased selling activity.
Volume analysis highlights significant profit-taking during the 02:42 and 03:04 candles.
Despite price rejections at higher levels, SHIB staged a modest recovery, with higher lows forming near 0.00001474.
The token remains just shy of key resistance established during its recent surge.