Shiba Inu (SHIB) has demonstrated notable price resilience, climbing over 3.7% in the past 24 hours to approximately $0.00000853, even as traders pulled significant capital from leveraged futures positions. Data from CoinGlass reveals that 1.24 trillion SHIB tokens, valued at $10.5 million, exited futures positions, creating a net negative flow of $1.7 million when compared to $8.8 million in inflows. This suggests a degree of short-term caution or profit-taking among traders.
Despite these outflows, trading volume rose by 4.39% to $94.53 million, indicating persistent buyer interest at lower price levels. The token rebounded from a support level near $0.00000815. Analysts are now watching immediate resistance at $0.00001017, with a potential upside target aligning with the 50-day moving average at $0.00001084. Some see a longer-term bullish target of $0.000015 if momentum strengthens.
Technical indicators present a mixed picture. A 'death cross' recently formed on the hourly chart, where the 50-hour moving average fell below the 20-hour moving average, signaling potential short-term bearish pressure and consolidation. Key support is identified at the daily 50-period moving average of $0.0000081, with a failure potentially leading to a test of $0.00000732. Momentum indicators like the RSI suggest range-bound trading in the near term.
Contextually, SHIB's current price action is viewed against its historical performance. The token is trading near levels observed before its 2021 Binance listing and remains approximately 14 times below its prior all-time high. In recent sessions, SHIB has traded in a narrow daily range between $0.00000713 and $0.00000730, with defined support at $0.057002 and resistance at $0.057359. The price has shown relative strength against major pairs, gaining 3.1% against BTC and 1.1% against ETH.
