Shiba Inu (SHIB) Price Surprises Traders With Solid Performance Despite Broader Market Hesitation

The popular meme-inspired cryptocurrency has recently surprised traders with a solid price performance. Despite broader market hesitation, SHIB has carved out a modest upward trend.

Shiba Inu (SHIB) surprised traders with a decent price performance, especially considering the broader market slowdown and expectations of further retracement.

The meme-inspired cryptocurrency managed to carve out a modest upward trend, eroding the pessimistic technical outlook that had been building. The price reached $0.00001545, showing a 1.45% daily gain.

The coin’s ability to hold support and resist breakdowns despite the bearish predictions from many investors suggests that there is some level of confidence among the remaining holders. However, questions remain about how long this resilience can last, especially amid mixed technical indicators and fading trading volume.

SHIB’s price moved within a daily range of $0.00001531 to $0.00001600. Early trading saw minor dips, reaching a low point of $0.00001520. This area served as a strong support level, which later fueled a short-term rally. The peak reached $0.00001600 before a mild correction set in.

As a result, the market has entered a consolidation phase, with SHIB now trading calmly and displaying lower volatility, a factor that usually precedes larger directional moves. Notably, the $0.00001520 and $0.00001500 levels offer firm support. On the upside, resistance continues at $0.00001580 and $0.00001600.

Volume Drops, But Sentiment Is Cautiously Upbeat; RSI, MACD Offer Clues

Despite the quiet volume, market sentiment remains cautiously optimistic. Trading volume dropped by 16.77%, currently standing at $362.6 million. The reduced volume suggests that many traders are currently on the sidelines, likely waiting for a clearer trend to emerge before committing to larger positions.

The Relative Strength Index (RSI) stands at 58.41, indicating moderate bullish momentum. While not overbought, this level still shows room for potential gains. The MACD shows a slightly bullish bias as well, with the lines nearly converging. However, the lack of divergence signals a wait-and-view scenario.

Liquidation Data: Long Positions Liquidated More Sharply, Suggesting Profit-Taking and Nerves

Over the past 24 hours, SHIB saw total liquidations of $184.4K. Long positions made up a bulk of this amount at $125.5K, while short positions followed with $58.9K. Most liquidations occurred on OKX, with minor activity on Huobi and BitMEX.

This liquidation pattern hints that traders are betting on upward price moves, considering the bulk of liquidations occurred on long positions. However, the sharper liquidation of long positions suggests that traders are taking profits and exhibiting nervousness.