Shiba Inu Price Action Plagued by Extreme Volatility with 351% Short-Term Activity Spike

Shiba Inu's price action has been marked by extreme volatility in recent hours, with one of its short-term activity metrics increasing by a staggering 351% in just eight hours. This surge in activity occurred right after SHIB was rejected from above $0.00000620.

The price has stabilized at around $0.00000589, following a decline to $0.00000555 and a subsequent increase of 2.3% the next day. Despite this, trading activity remains higher than in previous September sessions.

Technically speaking, SHIB has finally surpassed its 200-day moving average, which was near $0.0000056 for months. The recent adjustment tested the same region without resulting in a persistent breakdown, generating potential support for the token.

The momentum is recovering, but it's far from stable. With the RSI staying in neutral territory and technical readings categorizing volatility as high, there's plenty of room for movement in either direction. A higher high above the August spike would be established if the recent high were cleared, while a persistent move below $0.0000056 would shift the situation rapidly.