Shiba Inu (SHIB) has gained over 2% in the past 24 hours, with bulls defending key support levels on the back of strong volumes.
The meme cryptocurrency fell early Wednesday as BTC and the broader market witnessed de-risking ahead of Fed Chair Jerome Powell’s impending speech.
Buyers, however, stepped in closer to the $0.00001200 level, ensuring that the psychological support was maintained. The subsequent recovery also lifted prices back above the ascending trendline connecting June 22 and Aug. 2 lows, and the key level of $0.00001231, which is the 61.8% Fibonacci retracement of the June-July rally.
Bulls fuel SHIB comeback
SHIB shakes off volatility, powers from $0.000012295 to $0.000012574 close on heavy bullish flow. Token holds critical support, smashes through resistance barriers. Next target: $0.000012700 psychological level.
According to CoinDesk’s AI technical insights model, $0.000012700 is the next level to beat for the bulls.
Technical data points to a bullish breakout
- SHIB traded within a $0.000012089-$0.000012705 range, which represents a 5% spread between session extremes.
- Institutional interest peaked between 13:00 and 14:00, andvolume surged past 1 trillion tokens.
- The price held above $0.000012250, confirming a strong demand floor.
- Mid-session selling pressure at 13:00 failed to crack $0.000012089 support.
- Resistance at $0.000012600 was penetrated, triggering a volume surge to 12.8 billion tokens.
CD20 Index Holds Steady Amid Token Volatility
CD20 maintained range-bound trading as SHIB volatility spiked. The Index reflected institutional selectivity across major crypto holdings, with the broader market confidence persisting despite individual token swings and near-term uncertainty.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.