With $1 Trillion in Volume, Shiba Inu Bulls Defend Key Support Levels — What Comes Next?

Shiba Inu Bulls Hold Ground as Trading Volume Tops 1 Trillion Tokens

Shiba Inu (SHIB) rallied over 2% in the past 24 hours, with strong buying activity supporting critical price levels amid surging volume.

Early Wednesday saw SHIB dip alongside Bitcoin and the broader market as investors reduced exposure ahead of Federal Reserve Chair Jerome Powell’s highly anticipated speech.

Buyers quickly stepped in near the key psychological support at $0.00001200, stabilizing the price and helping SHIB reclaim the ascending trendline connecting lows from June 22 and August 2. Additionally, SHIB climbed above the $0.00001231 level, which corresponds to the 61.8% Fibonacci retracement of the June-July rally.

Bulls Push SHIB Higher

After shaking off early volatility, SHIB surged from $0.000012295 to close near $0.000012574 on strong buying momentum. The token cleared resistance levels, eyeing the next psychological target around $0.000012700.

CoinDesk’s AI-driven technical model identifies $0.000012700 as the key resistance level for bulls to conquer.

Technical Highlights Indicate Bullish Sentiment

SHIB traded in a $0.000012089 to $0.000012705 range, reflecting a 5% difference between session lows and highs.
Institutional participation peaked between 13:00 and 14:00 UTC, pushing trading volume above 1 trillion tokens.
Price support held firm above $0.000012250, confirming strong demand.
Mid-session selling pressure at 13:00 failed to breach the $0.000012089 support level.
Breaking through $0.000012600 resistance sparked a surge in volume to 12.8 billion tokens.

CD20 Index Shows Stability Amid Fluctuations

Despite increased volatility in SHIB, the CD20 index, which tracks institutional interest in major cryptocurrencies, remained stable. This reflects ongoing institutional selectivity and cautious optimism in the broader market, even as individual tokens experience short-term swings.