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- SHIB rose 1.8% to $0.00001006 in a narrow trading band.
- Key support at $0.00000988 limits immediate downside risk.
- Resistance at $0.00001013 will determine SHIB’s short-term direction.
Shiba Inu (SHIB) recorded a small but notable uptick in the last 24 hours, as the token continues to navigate a tight trading range. At the time of writing, SHIB’s price increased by 1.8% to $0.00001006, signaling cautious optimism among traders. While market activity remains moderate, investors are closely watching whether the token can sustain momentum within its current technical limits.
Market Activity and Short-Term Price Movements
Over the past day, SHIB has consolidated within a narrow band, trading between the support level at $0.00000988 and resistance at $0.00001013. The modest 1.8% gain against the US dollar, coupled with a 2.1% rise against Bitcoin and 3.7% against Ethereum, suggests that buying activity is slow but steady.
This tight range indicates low short-term volatility, with traders likely waiting for stronger signals before committing to larger positions. While the resistance level could restrict upward movement if buying pressure diminishes, the current price action reflects a fact-based, cautious approach among market participants.
Support Levels and Technical Behavior
SHIB’s key support level at $0.00000988 continues to serve as a foundation for stability. Buyers have consistently defended this zone, limiting immediate downside risk. Traders often interpret such levels as potential accumulation or correction points, suggesting that SHIB may maintain a relatively steady course in the near term.
Comparisons to Bitcoin and Ethereum show that SHIB’s performance is closely tied to broader market dynamics. Remaining above the $0.00001000 mark, even modestly, demonstrates resilience, though participants remain sensitive to shifts in overall crypto trends.
Also Read: Shiba Inu Whales Sell Off: SHIB Faces Bearish Pressure Amid Weak Market Sentiment
Market Implications and Future Outlook
The recent upward movement points to a temporary balance between buying and selling forces, keeping SHIB within a predictable range. While short-term attention may spike due to minor gains, the market focus is primarily on maintaining stability rather than chasing rapid growth.
Traders will likely watch the resistance at $0.00001013 closely. Breaking through this level could indicate growing interest, while failing to hold above support might trigger short-term corrections. For now, SHIB’s trajectory appears measured, with gradual momentum shaping its immediate outlook.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
