Shiba Inu Plunges Over 11% Amid Volatility and Strong Selling Pressure
Shiba Inu's price plummeted by over 11% in a session marked by heightened volatility and strong intraday selling pressure. Despite this decline, the token remains above its major moving averages, limiting downside but highlighting divergence among momentum indicators.
The recent drop is underscored by SHIB's positioning above all major moving averages, which suggests sustained bullish momentum across short, medium, and long-term timeframes. However, the immediate resistance remains at $0.0000062, with support defined by the near-term floor at $0.00000542.
Notably, trading volumes within the Shiba Inu ecosystem have increased, exchanges' reserves of SHIB rose, and ongoing token burns reduced available supply. Additionally, a new Japanese listing has boosted activity in the ecosystem.