Shiba Inu Activity Jumps 351% as SHIB Holds Long-Term Support
Shiba Inu activity surged 351% within eight hours as SHIB continued trading above a key long-term support level, putting renewed focus on whether buyers can preserve the token’s recent recovery.
SHIB reached $0.00000624 before falling 7.69% on September 23, then recovered 2.3% the following day. The token also rebounded from a move toward $0.00000555, reaching approximately $0.00000589 in the latest market snapshot.
The sharp increase in activity comes as SHIB remains positioned between two closely watched technical areas. The recent high around $0.00000624 limits the immediate upside, while the reclaimed long-term moving average provides support below the current price.
The 351% increase does not, by itself, show whether buyers or sellers were responsible for the rise in activity. Higher activity can accompany stronger buying interest as well as increased selling pressure, making SHIB’s reaction around nearby price levels more significant.
Shiba Inu Tests Support Near the 200-Day Moving Average
The 200-day moving average near $0.0000056 has become a central level for SHIB after the token moved above the indicator following several months of trading below it.
During the latest pullback, buyers appeared around that same area, helping prevent SHIB from remaining below the long-term average. The reaction leaves the $0.0000056 to $0.0000057 region as an important support zone, particularly because it is also close to the token’s recent low.
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| Source: TradingView |
A sustained break back below the 200-day moving average would test whether the previous resistance area has successfully turned into support. For now, the price remains above that level despite the recent rejection from the $0.00000620 area.
The relative strength index remained in neutral territory, rather than indicating that the recovery had become technically overheated. Other technical measures continued to point to elevated volatility following SHIB’s sharp decline and subsequent rebound.
SHIB Faces Resistance Near $0.00000620
On the upside, $0.0000060 represents the first nearby hurdle before SHIB can retest the $0.0000062 to $0.0000063 region.
A move above the recent $0.00000624 high would provide a stronger technical indication of recovery by establishing a higher high relative to the August spike. However, the current activity surge alone does not confirm that such a breakout is developing.
The downside picture would become more important if SHIB falls decisively below its 200-day moving average. A move beneath that support could expose the token to approximately $0.0000054, with another cluster of moving averages positioned around $0.0000051 to $0.0000052.
For now, SHIB’s sharp increase in activity is occurring during a key technical test. Buyers have so far defended the long-term support area, while the recent high continues to cap the recovery. A sustained move beyond either zone would provide a clearer indication of the direction of the next major price move.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.