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SHIB Shiba Inu's trading volume reached 1.34 billion units, and prices struggled to rebound after the market crash
Shiba Inu (SHIB)'s 24-hour trading volume reached 1.34 billion units amid widespread cryptocurrency clearing. Although SHIB rebounded from a low of $0.0000510, weak rebound volume and resistance around $0.0000549 suggest the market is still facing continued bearish pressure.
If SHIB stabilizes at the key support level of US$0.0000529, it will help strengthen its recovery; however, if selling pressure reappears, it may expose a lower support area close to US$0.0000500.
Market turmoil triggers violent volatility
SHIB trading volume surged to 1.34 billion in a 24-hour period as investors responded to widespread market clearing. Previously, the market experienced a decline that led to the liquidation of more than $1 billion in leveraged positions, triggering a significant sell-off across the cryptocurrency market.
During this process, sellers liquidate and leave the market while buyers enter at lower prices, prompting an increase in trading activity in SHIB. The token tried to repair its price, but technical indicators showed that its daily chart was still shrouded in bearish sentiment.
In just two days, the price of SHIB fell from US$0.0000580 to US$0.0000534, and selling pressure dominated the downward trend. During the decline, trading volume reached its highest weekly level, reflecting a significant increase in market participation.
Subsequently, the token hit a low of $0.0000510 on Thursday, but buying forces pushed the price back, forming a K-line pattern with a long lower shadow line. This trend suggests buying interest near support, but compared with previous declines, this rally attracted significantly less volume.
Analysis of key technical indicators
Technical data shows that SHIB is currently located near US$0.0000534, slightly above the immediate moving average support of US$0.0000529. At the same time, the latest daily K-line closed positive, indicating that bulls have temporarily held on to this key price level.
Despite the rebound, multiple moving averages in the range of US$0.0000545 to US$0.0000549 constitute direct resistance to further gains. Another important hurdle is around $0.0000565, a level that SHIB failed to maintain in its latest round of declines.
In addition, the Relative Strength Index (RSI) remained at around 44, indicating weak momentum, but did not put the cryptocurrency into oversold territory. If the daily closing price breaks above US$0.0000549, it will constitute an initial recovery signal and may open up room for a rise towards US$0.0000565.
If trading volume supports a continued upward trend, further buying may target $0.0000580 or even $0.0000600. Conversely, if the support of $0.00000529 is lost, the recovery will weaken and the previous low near $0.0000510 may be retested. Additional selling pressure could push SHIB to $0.0000500, an area that attracted trading activity in September.
Recovery depends on support and volume
In summary, market indicators show that Shiba Inu is between support and resistance in the near term, and the performance of trading volume is crucial to confirming recovery. If buying support continues to be obtained above $0.0000529, it is expected to enhance upward momentum; while new selling pressure will increase pressure on the support below.
