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Shiba Inu token is trading
At a higher price, but the strong momentum is absent despite the buyers' efforts to establish strong support.
A strong support base was established between $0.00001265 and $0.00001270 over the past 24 hours, with technical patterns indicating the potential for continued upward momentum.
Geopolitical tensions and changing trade policies create ripples across cryptocurrency markets, with Shiba Inu emerging as a surprising beneficiary amid uncertainty.
However, the cryptocurrency failed to maintain gains above the 100-day simple moving average (SMA) at $0.00001332 and was trading at $0.00001317 at the time of writing, representing a 2.9% increase over the past 24 hours.
Furthermore, the price chart shows that the downtrend from the highs of May 12 is still in place.
Key technical insights
Notable support was established at $0.00001267, where buyers consistently intervened during the early hours.
The price action formed a clear upward trend with higher lows and higher highs, breaking through key resistance levels at $0.00001294 and $0.00001313.
The initial consolidation period (01:07-01:34) established support at $0.00001330, followed by an explosive breakout at 01:35 with the highest trading volume (14.6 billion).
The price action formed a clear ascending channel with higher lows, peaking at a new local high of $0.00001345.
A slight profit-taking appeared in the last few minutes with decreasing trading volume, suggesting potential short-term resistance while maintaining the overall bullish structure.
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