Shiba Inu Volume Hits 1.34 Billion SHIB Amid Weak Price Recovery

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Shiba Inu (SHIB) saw 1.34 billion SHIB in trading volume as the token failed to break above $0.00000549. Price rose from $0.00000510 but remains stuck between key levels. Transaction volume highlights ongoing pressure, with buyers yet to confirm a strong recovery. Technicals show SHIB still in a tight range, with volume likely to decide the next move.

Summary

  • Shiba Inu recorded 1.34 billion SHIB in trading volume as widespread cryptocurrency liquidations triggered increased selling and buying activity.
  • SHIB rebounded from $0.00000510, but weak recovery volume and resistance near $0.00000549 indicated that bearish pressure remained across markets.
  • Holding support at $0.00000529 could strengthen SHIB’s recovery, while renewed selling pressure could expose lower support levels near $0.00000500.

Shiba Inu recorded 1.34 billion SHIB in trading volume within 24 hours as investors responded to widespread cryptocurrency market liquidations. The activity followed a market downturn that erased over $1 billion in leveraged positions, triggering significant selling across cryptocurrencies.


SHIB experienced increased trading activity as sellers exited positions while buyers entered near lower price levels. Consequently, the token attempted a recovery, although technical indicators showed that bearish pressure remained present across its daily chart.


Shiba Inu declined from $0.00000580 to $0.00000534 within two days, with selling activity dominating the downward movement. Trading volume reached its highest weekly level during a bearish candle, reflecting increased market participation throughout the decline.


The token subsequently touched $0.00000510 on Thursday before buyers pushed prices higher, creating a long lower candle wick. This movement indicated buying interest near support, although the recovery attracted considerably less volume than the preceding decline.


Also Read: Nasdaq CEO Says Tokenization Could Unlock Billions in Global Collateral


Shiba Inu Faces Critical Resistance as Technical Indicators Reveal Continued Selling Pressure

Technical data placed SHIB near $0.00000534, slightly above its immediate moving average support at $0.00000529. Meanwhile, the latest daily candle turned green, indicating that buyers had temporarily defended this important price level.


Despite the rebound, several moving averages between $0.00000545 and $0.00000549 presented immediate resistance to further price increases. Another significant barrier stood near $0.00000565, a level SHIB failed to maintain during the recent downturn.


shiba

Source: TradingView

Additionally, the relative strength index remained around 44, indicating weak momentum without placing the cryptocurrency in oversold territory. A daily close above $0.00000549 would provide an initial recovery signal, potentially opening movement toward $0.00000565.


Further buying activity could bring $0.00000580 and $0.00000600 into consideration if trading volume supports sustained upward movement. Conversely, losing support at $0.00000529 would weaken the recovery and expose the previous low near $0.00000510. Additional selling could push SHIB toward $0.00000500, a support region that previously attracted trading activity during September.


SHIB Recovery Depends on Support and Trading Volume

Market indicators therefore placed Shiba Inu between nearby support and resistance levels, with trading volume remaining central to recovery confirmation. Sustained buying above $0.00000529 could strengthen momentum, while renewed selling would increase pressure on lower support levels.


Also Read: What We Know About the $86 Million Ledger Drain So Far


The post Shiba Inu Volume Hits 1.34 Billion SHIB as Price Struggles to Recover From Market Crash appeared first on 36Crypto.

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