Shiba Inu (SHIB) has shown resilience in recent trading sessions, maintaining upward momentum despite sharp fluctuations. The token is currently trading at $0,00001284, reflecting a modest gain of 0,57% over the past 24 hours.
SHIB technical patterns, volumes and supply dynamics point to a potential bullish setup. Memcoin appears to be consolidating above key support levels, hinting at a breakout attempt.
SHIB has established strong support between $0,00001265 and $0,00001270. This range has absorbed selling pressure on multiple occasions, with a quick recovery signaling buying interest. The brief dip to $0,00001260 formed a lower wick, and this deeper level could act as support on another pullback.
CoinGecko Data
Meanwhile, resistance around $0,00001295–$0,00001300 remains strong. The price tested this range twice and pulled back both times. A small peak at $0,00001305 showed speculative interest, although it failed to sustain the momentum.
Trading volume over the past day has increased by 6,32% to $146,88 million. This jump signals growing market interest and confirms the bullish thesis. The balanced ratio between market capitalization and fully diluted value suggests healthy demand and limited speculative excess.
SHIB/USD Daily Price Chart, Source: TradingView
However, technical indicators are showing mixed signals. The MACD is showing a minor bearish crossover with weak momentum. The RSI at 38,54 indicates that the asset is approaching oversold levels. If the RSI falls below 30 or rises above 50, traders may see a clearer signal to take action.
Huge offer Shiba Inu continues to decline due to its burning mechanism. To date, over 410 trillion SHIB have been withdrawn from circulation.
