The cryptocurrency market continues to reflect wider economic uncertainties because Shiba Inu (Shib) faces significant drop pressure.
The recent price action shows the Critical Support SPP test at $ 0.0000127 after having had a drop of 7.4% compared to recent summits, volume peaks coinciding with major sales, in particular at the beginning of May, according to the Technical Analysis Data model of Coindesk Research.
Despite the current volatility, data on the chain reveal increasing institutional confidence in the long -term perspectives of Shib. April 2025 saw the addition of 109 new millionaire portfolios holding SHIB, bringing the total to 860 addresses with at least $ 1 million tokens. This accumulation occurred while the price gain of 7% Shib in April subperformed compared to Bitcoin overvoltage around $ 95,000.
The feeling of the market remains cautiously optimistic, because the interests open to term for Shib have almost doubled in April, going from less than $ 97 million to almost $ 190 million. Meanwhile, the continuous development of shibarium, the blockchain of layer 2 of Shib, continues to improve the flow of transactions and the integration of the validator which could provide fundamental support for the action of future prices.
Strengths of technical analysis
- The price action reveals a series of lower and lower lower bass, with volume tips coinciding with major sales, especially during the decrease of May 3, less than $ 0.0000130.
- A key horizontal support area was formed approximately $ 0.0000127, which has been tested several times in the last 48 hours.
- The level of $ 0.0000129 now represents immediate resistance, the retrace of Fibonacci suggesting potential stabilization at the current level before any significant recovery can occur.
- In the last 100 minutes, SHIB has demonstrated remarkable volatility and recovery, initially plunging at a critical support level at $ 0.0000,126 during a high volume sale at 13: 31-13: 40, where the volume culminated at more than 22 million units.
- The price found a strong purchase interest in this support area, triggering a recovery in the form of V which accelerated considerably around 13: 57-14: 01, where the bullish momentum pushed Shib to almost 10% of its stockings.
- The most recent price action shows a consolidation greater than 0.00001276 with a decreasing volume, suggesting a short -term exhaustion after the recovery rally, although the higher low model has been formed from 14:40 indicates a continuous rise potential if the support of 0.00001274 $ is held.
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