SHIB Price Holds Key Support After Volatile Week
Shiba Inu (SHIB) witnessed heightened market activity this week, as trading volume surged past 1 trillion tokens, marking one of the largest daily spikes in recent weeks. Despite a sharp intraday spread of nearly 5%, bulls managed to defend critical dual support levels, keeping the asset from sliding further.
The SHIB/USDT pair showed a bounce from the $0.00001200 – $0.00001180 support zone, highlighted by strong buying pressure on the chart. This area has acted as a pivotal floor for buyers, cushioning multiple downside attempts.
On the resistance front, analysts point to $0.00001320 – $0.00001350 and $0.00001550 – $0.00001600 as zones where sellers previously capped upside momentum.
BITX technical analyst commentary suggests that holding above the green zone on the chart is vital. “If SHIB maintains support above $0.00001200, there’s potential for a retest of $0.00001350. However, failure here could open the door to deeper corrections,” noted one market observer.
Investor Sentiment and Market Outlook
The surge in volume beyond 1 trillion SHIB indicates heightened participation, particularly from retail traders. High turnover often precedes significant moves, as liquidity builds around critical levels.
With SHIB trading at $0.00001256 at press time, traders remain focused on whether the token can sustain momentum above its defensive zones.
- Immediate support: $0.00001200 – $0.00001180
- Major resistance: $0.00001350 and $0.00001600
- Current trading range spread: ~5%
Shiba Inu’s next decisive move could depend on whether bulls continue to defend support with strong volume or if bearish pressure reclaims control. For now, the battle between supply and demand is firmly centered in the $0.00001200 region.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.