Despite the bullish developments, Shiba Inu token (SHIB) has not demonstrated strong upward momentum, despite the buyers' efforts to establish a significant support zone.
In the past 24 hours, SHIB has formed a strong support zone around $0.00001265 to $0.00001270, with technical patterns indicating a continuation of the upward trend is plausible.
The geopolitical tensions and changing trade policies are causing volatility in the cryptocurrency market, and Shiba Inu has emerged as a surprising beneficiary in this uncertain context.
However, SHIB has yet to maintain its price above the 100-day simple moving average (SMA 100) at $0.00001332 and is trading around $0.00001317 at the time of writing, corresponding to a 2.9% increase in the past 24 hours.
Notably, the downtrend that began from the peak on May 12 has not yet been completely broken, indicating that the pressure for correction is still present.
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Some notable technical signals:
• A significant support zone has been established at $0.00001267, where buyers continuously engaged in the early trading hours.
• The price action has created a clear upward trend with higher lows and higher highs, respectively breaking important resistance levels at $0.00001294 and $0.00001313.
• The first accumulation phase (from 01:07 to 01:34) established support at $0.00001330, before the price broke out strongly at 01:35 with trading volume peaking (14.6 billion tokens).
• The price has formed an ascending channel with higher lows, culminating in a new local peak at $0.00001345.
• A slight profit-taking appeared at the end of the session as volume began to weaken, indicating the possibility of encountering short-term resistance, but the overall bullish structure remains intact.
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