Shiba Inu (SHIB) posted a 2.9% 24-hour gain, closing at $0.00001317, but failed to hold above the critical 100-day simple moving average (SMA) at $0.00001332, highlighting a stall in bullish momentum despite buyer interest.
Market Context
Amid escalating geopolitical tensions and unstable trade policies, SHIB has emerged as a surprising gainer, benefitting from a broader shift in sentiment toward altcoins with active communities and meme-driven resilience.
Technical Overview
SHIB continues to trade within an ascending channel, showing signs of strength, though key resistance levels and fading volume signal caution in the short term.
Key Technical Highlights:
- Support Zone: Strong support formed between $0.00001265 and $0.00001270, where buyers stepped in repeatedly.
- Resistance Levels Broken: SHIB broke above $0.00001294 and $0.00001313, indicating bullish control during early sessions.
- 100-Day SMA Rejection: Price failed to sustain above the 100-day SMA at $0.00001332, closing slightly below at $0.00001317.
- Volume Spike: At 01:35, volume spiked to 14.6 billion, marking the session’s strongest move and pushing price to a local high of $0.00001345.
- Ascending Channel Formation: Price action maintained a structure of higher highs and higher lows, a hallmark of a bullish trend.
- Profit-Taking Pressure: In the closing minutes, volume dropped and price retraced slightly, signaling potential near-term resistance.
Summary Outlook
While SHIB has formed a bullish technical structure, failure to break and hold above the 100-day SMA could limit upside in the short term. However, solid support at $0.00001267 and the volume-led breakout suggest the potential for further gains if bulls regain momentum.
Watch for a decisive close above $0.00001332 for continuation toward $0.00001350 and beyond.