- Shiba Inu (SHIB) rose more than 2% in the past 24 hours, supported by high trading volumes.
- Bulls protected the $0.00001200 level after early declines linked to wider market caution.
- SHIB held above key technical markers, including the 61.8% Fibonacci retracement at $0.00001231.
- Trading ranged between $0.000012089 and $0.000012705, with institutional activity peaking midday.
- The CoinDesk 20 Index remained steady despite SHIB’s volatility and broader market uncertainty.
Shiba Inu (SHIB) increased by over 2% in the last 24 hours as buyers stepped in to defend key price supports. The cryptocurrency initially fell on Wednesday while Bitcoin (BTC) and other assets dipped before a speech from Federal Reserve Chair Jerome Powell.
Traders pushed SHIB’s price up from lows near $0.00001200, returning the token above an ascending trendline over recent weeks. The rebound also positioned SHIB above $0.00001231, which marks the 61.8% Fibonacci retracement—an indicator used by traders to spot possible support and resistance levels following large price moves.
According to CoinDesk’s technical analysis model, SHIB traded within a range of $0.000012089 to $0.000012705—a spread of about 5% in one session. Institutional buy orders surged between 1:00 p.m. and 2:00 p.m. local time, with trading volumes topping 1 trillion tokens. The token held firm above $0.000012250, and selling pressure in the early afternoon failed to move SHIB below $0.000012089. When SHIB broke past the $0.000012600 resistance, trade volumes climbed to 12.8 billion tokens.
Technical models now highlight $0.000012700 as the next psychological barrier for bulls, with trends showing sustained buyer interest. The CoinDesk 20 Index, which tracks leading cryptocurrencies, remained stable during SHIB’s volatile moves, suggesting continued institutional selectivity and market confidence.
The article notes that broader market stability is holding even as individual cryptocurrencies like SHIB experience sharp short-term swings. Some technical information is provided by CoinDesk’s AI analysis tools.
Parts of this reporting were assisted by AI models and checked by CoinDesk editors for accuracy and policy alignment.
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