In Brief: Shiba Inu’s short-term activity jumped 351% in eight hours as SHIB recovered from a steep decline below its recent peak. Buyers defended SHIB’s 200-day moving average near $0.000005
Shiba Inu’s short-term activity surged 351% in eight hours, while SHIB held above a long-term price level despite its recent reversal. The increase places greater attention on whether buyers can defend the recovery that followed SHIB’s rejection above $0.00000620.
SHIB climbed to $0.00000624 before losing 7.69% on September 23, and the token then gained 2.3% the following day. Its price also recovered from a decline toward $0.00000555, reaching approximately $0.00000589 in the market snapshot.
Those moves leave SHIB between two important areas, with its recent high limiting the upside and its reclaimed moving average supporting the downside. Although activity remained higher than during earlier September sessions, the 351% increase alone does not establish whether buyers or sellers drove it.
Moreover, the jump arrived while traders were testing SHIB’s ability to recover from a substantial rejection. A rise in activity can accompany either renewed buying or heavier selling, making the token’s response at nearby levels more informative.
Also Read: Nik Bougalis Returns to XRP Ledger Code With Proposal to Rework Core Data Types
SHIB recently moved above its 200-day moving average near $0.0000056, having spent several months trading below that long-term indicator. During the subsequent decline, buyers stepped in around the same area and prevented the price from remaining beneath it.
That reaction suggests the former resistance area could serve as support, although another sustained decline would test the strength of that change. The broader $0.0000056 to $0.0000057 range remains especially relevant because it sits near the moving average and SHIB’s recent low.
Meanwhile, the relative strength index remained in neutral territory rather than indicating that SHIB’s recovery had become overheated. Other technical readings still pointed to high volatility, consistent with the token’s large decline and partial rebound across recent sessions.
Source: TradingView
For buyers, $0.0000060 represents the first nearby obstacle before SHIB can challenge the $0.0000062 to $0.0000063 range. A move above the recent $0.00000624 high would strengthen the recovery by establishing a higher high above the August spike.
Conversely, a sustained move below the 200-day average would undermine the emerging support area and expose SHIB to another decline. The next chart levels stand near $0.0000054, followed by a cluster of moving averages between $0.0000051 and $0.0000052.
SHIB’s activity increase has therefore arrived during a consequential price test, with buyers defending long-term support while the recent high remains intact. Its next sustained move beyond either area would provide a clearer indication of whether the September recovery retains its strength.
Also Read: RLUSD Leads AI Agent Settlements Tracked by XRPL AI Hub
The post Shiba Inu Activity Surges 351% as SHIB Defends Key Support appeared first on 36Crypto.
