Shiba Inu (SHIB) Bucks Market Slump With Unexpected Show Of Price Strength

Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has recently surprised traders with a solid price performance. Despite broader market hesitation, SHIB has carved out a modest upward trend. The price reached , marking a 1.45% daily gain, a move that ran counter to the expectations of many investors who had been bracing for a further retracement.

The coin’s ability to hold support and resist breakdowns suggests growing confidence among holders. Still, questions linger about how long this resilience can last, especially amid mixed technical indicators and fading trading volume.

SHIB’s price moved within a daily range of $0.00001531 to $0.00001600. Early trading saw minor dips, with a brief bottom forming near $0.00001520. This area served as a strong support level that later fueled a short-term rally. The peak reached $0.00001600 before a mild correction set in.

Consequently, the market has entered a . SHIB now trades sideways with lower volatility, which often precedes larger directional moves. Notably, the $0.00001520 and $0.00001500 levels offer firm support. On the upside, resistance continues at $0.00001580 and $0.00001600.

Despite the quiet volume, market sentiment remains cautiously optimistic. Trading volume dropped by 16.77%, currently standing at $362.6 million. The reduced volume suggests many traders are currently on the sidelines, likely waiting for a clearer trend to emerge before committing to larger positions.

The Relative Strength Index (RSI) stands at 58.41, indicating moderate bullish momentum. While not overbought, this level still shows room for . The MACD shows a slightly bullish bias as well, with the lines nearly converging. However, the lack of divergence signals a wait-and-watch scenario.

Over the past 24 hours, SHIB saw total liquidations of $184.4K. Long positions made up a bulk of this amount at $125.5K. Short positions followed with $58.9K. Most liquidations occurred on OKX, with minor activity on Huobi and BitMEX.

This liquidation pattern hints that traders are betting on upward price moves. However, the sharp liquidation of long positions indicates profit-taking and nervous optimism.