+1.34 Billion Shiba Inu (SHIB) in 24 Hours: What's Behind the Fresh Volume?

Shiba Inu Sees $1.34 Billion in New Volume After Market Crash

Market Analysis

SHIB has traded 1.34 billion SHIB in new volume over the past 24 hours, following the market-wide flush. The recent trading activity appears to be a reaction to the crash, with most of it looking like a forced seller reaction, followed by dip buyers. The chart supports this observation, with the heaviest trading volume of the week appearing in a red candle.

Technical Analysis

The price of SHIB went from $0.00000580 to $0.00000534 in two days, with the heaviest trading volume of the week appearing in a red candle. The price reached a low of $0.00000510 on Thursday and then began to recover. The long lower wick shows that buyers stepped in near the bottom.

Market Outlook

The current trading price of SHIB is $0.00000534, which is right on the orange average of $0.00000529. Support is key in this instance, as the recent daily candle is green, showing that it held. However, volume on the bounce has been small so far, which indicates that the recovery is not yet confirmed.

Technical Levels

A cluster of moving averages near $0.00000545 to $0.00000549, positioned above the price, acts as the first wall. The longer black line close to $0.00000565 represents a significant test. SHIB failed to hold it this week and must regain it to turn the trend positive once more.

RSI and Support Levels

The RSI is around 44, which shows weakness but not oversold conditions. Sellers therefore still hold a minor edge. A daily close above $0.00000549 would be the initial positive indicator for bulls. After that, bulls should aim for $0.00000565, then $0.00000580, and ultimately $0.00000600. Bears would cancel the recent bounce with a close below $0.00000529. The next support is at $0.00000510, followed by $0.00000500. This zone was also in play in September.