Shiba Inu (SHIB) Bucks Market Slump With Unexpected Show Of Price Strength

• SHIB maintains steady support near $0.00001520 despite declining trading volume.
• Technicals show moderate bullish momentum but lack strong breakout confirmation.
• Liquidations reveal cautious optimism with traders favoring upside but booking profits.

Shiba Inu (SHIB), 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. The price reached $0.00001545 , marking a 1.45% daily gain, a move that ran counter to the expectations of many investors who had been bracing for a further retracement. 

The coin’s ability to hold support and resist breakdowns suggests growing confidence among holders. Still, questions linger about how long this resilience can last, especially amid mixed technical indicators and fading trading volume.

SHIB Price Action: Holding Support After Modest Gains, Resistance Ahead

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

Source: CoinMarketCap

Consequently, the market has entered a consolidation phase . SHIB now trades sideways with lower volatility, which often 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.

Related: Shiba Inu (SHIB) Primed for Breakout as Accumulation and Burn Rate Surge

Volume Drops, But Sentiment 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 many traders are currently on the sidelines, likely waiting for a clearer trend to emerge before committing to larger positions.

SHIB/USD daily price chart, Source: TradingView

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-watch scenario.

SHIB Liquidation Data Points to Trader Bets on Upside, Tempered by 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. Short positions followed with $58.9K. Most liquidations occurred on OKX, with minor activity on Huobi and BitMEX.

Source: Coinanalyze

Related: 410 Trillion SHIB Burn Near: Analysts Weigh Shiba Inu’s Path to Price Gains

This liquidation pattern hints that traders are betting on upward price moves. However, the sharp liquidation of long positions indicates profit-taking and nervous optimism.