Shiba Inu failed to break resistance at $0.00001190 despite a 79% jump in daily trading volume.
Token burns have been paused completely for over 24 hours, though staking activity remains steady with 4.7 trillion SHIB locked.
Futures open interest slipped slightly, with Binance maintaining a dominant share of current SHIB futures positions.
Shiba Inu has not recently hit the resistance level of the current trading range of slightly above the $0.00001190 value. The price has recorded an intraday drop of 0.40%, but the general activity of investors is high. The situation of resistance may be a result of a trading volume increase of 79% driven by the growing interest of traders and large wallet owners.
The recent set pattern of prices in the market indicates that more activities have taken place as more people used the market to start a breakout, and the volume has shown that there is a buildup of capital. But the token had its rejection at the level of $0.00001190, which also corresponds to the high of the last rally. The intermediate resistance stands between $0.00001175 and $0.00001180. Shiba Inu remains strong at the 0.00001115 mark, which proved to be a rebound area in the past sessions.
The deflationary model of SHIB experienced a slowdown in the process since no tokens were burned within the past 24 hours. The 100% decline in the daily burn activity will imply a suspension of daily burn activity, both automated and by the user. Nevertheless, this does not affect the commitment of long-term holders since almost 4.7 trillion SHIB tokens are staked. The estimated total amount of the circulating supply is 584.5 trillion, which keeps the asset deflationary.
The level of open interest in SHIB futures decreased by 2.93% to reach the level of 60.8 million dollars, which implies a reduction in exposure. Most of this open interest can be attributed to Binance, which has approximately $41 million, against Bybit, which has 19.5 million. This minor drawback can be indicative of temporary concerns that should not be interpreted as a change of the overall opinion.
As SHIB continues to demonstrate indicators of rising engagement, especially trade volume, wallet transfers, the organization is not able to break the wall of 0.00001190 price, thus indicating the significance of this barrier. A definite break on the other side of this zone may help to continue price movement, and until that happens, traders are under keen observation of support and resistance patterns to get a confirmation of the direction of the trend.
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