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SHIB Shiba Inu trading activity surges, market collapse triggers more than US$1 billion in leveraged clearing
Shiba Inu recently recorded a significant increase in trading activity, with 1.34 billion SHIB tokens exchanged in the past 24 hours. The surge followed a major decline in the broader cryptocurrency market, resulting in the liquidation of more than $1 billion in leveraged positions.
Analysis of Volume and Price Volatility
Most of the new trading volume appears to be driven by a combination of forced liquidations by sellers and the influx of buyers seeking discounts. Trading data showed a lot of active trading during the decline, especially when the SHIB price fell from US$0.0000580 to US$0.0000534 in two days. The heaviest trading volume this week came on a negative line, marking a rapid decline in prices.
On Thursday, SHIB hit a low of $0.0000510, and buyers entered, which appears as a clear lower shadow line on the price chart. Since then, the token has rebounded moderately and is currently trading at $0.0000534, hovering above the key moving average around $0.0000529.
Key support and resistance levels
Support around US$0.00000529 is critical for SHIB. The most recent trading day closed positive, indicating that buyers have successfully maintained prices above that level. However, the most volume during the rebound suggests that a sustainable recovery has not yet been confirmed. Current direct resistance is between $0.00000545 and $0.0000549, with support from a cluster of moving averages above.
The long-term resistance trend line at $0.0000565 remains a serious obstacle, and SHIB failed to hold firm above that level earlier this week. Recovering this area is seen as the key to restoring upward momentum.
Technical indicators and market outlook
The Relative Strength Index (RSI) is currently at 44, indicating that the market continues to be weak but has not yet entered oversold territory. Seller pressure remains, but if the SHIB closes above US$0.0000549 in a trading session, the bulls may gain an advantage. The bulls 'further upside targets are US$0.00000565, US$0.0000580 and US$0.0000600 respectively. Conversely, a close below US$0.0000529 could offset the recent rally, exposing SHIB to further downside risks, moving closer to US$0.0000510 and looking for further support at US$0.0000500.
Many traders point out that a continuous game between bulls and bears is playing out in this price range, with a rebound in volume near support giving buyers a short-term advantage. This price range was also significant in September, establishing its current technical importance.
Observers pointed out that if holding above $0.00000529 is maintained and the rising candle is accompanied by continued volume, it could open the door to a hit at $0.0000565. On the other hand, new selling pressure could lead to another test of the $0.0000510 level.
Shiba Inu Coin (referred to as SHIB) is a popular meme coin launched in 2020. As an experimental project for decentralized community construction, it is often regarded as a substitute for Dogecoin.
