Shiba Inu Activity Surges 351% as Buyers Test Support Level

Shiba Inu's recent activity has surged by a significant 351% within an eight-hour period, with the token continuing to trade above its long-term support level. This comes after SHIB reached $0.00000624 before falling 7.69% on September 23, only to recover 2.3% the following day.

The sharp increase in activity is a crucial test for buyers, who have so far defended the token's position between two closely watched technical areas. The recent high around $0.00000624 limits SHIB's immediate upside, while the reclaimed long-term moving average provides support below its current price.

A sustained move beyond either zone would provide a clearer indication of the direction of the next major price move. If SHIB falls decisively below its 200-day moving average, it could expose the token to approximately $0.0000054, with another cluster of moving averages positioned around $0.0000051 to $0.0000052.