The shiba inu (SHIB) token is trading higher but strong momentum is lacking despite buyers’ efforts to establish strong support.
SHIB has established strong support base between $0.00001265 and $0.00001270 in the past 24 hours, with technical patterns suggesting potential for continued upward momentum.
Geopolitical tensions and shifting trade policies are creating ripples across cryptocurrency markets, with shiba inu emerging as a surprising beneficiary amid the uncertainty.
Still, the cryptocurrency failed to maintain gains above the 100-day simple moving average (SMA) at $0.00001332 and changed hands at $0.00001317 at the time of writing, representing a 2.9% gain over the past 24 hours.
Further, the price chart shows the downtrend from the May 12 highs is still intact.
Key technical insights
- Notable support has been established at $0.00001267, where buyers consistently stepped in during early hours.
- Price action formed a clear uptrend with higher lows and higher highs, breaking through key resistance levels at $0.00001294 and $0.00001313.
- Initial consolidation period (01:07-01:34) established support at $0.00001330, followed by an explosive breakout at 01:35 with the highest volume spike (14.6B).
- Price action formed a clear ascending channel with higher lows, culminating in a new local high at $0.00001345.
- Slight profit-taking emerged in the final minutes as volume tapered off, suggesting potential short-term resistance but maintaining overall bullish structure.
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