Shiba Inu Tests 200-Day Moving Average Amid 351% Trading Spike

Shiba Inu's trading activity has seen a significant surge of 351% in just eight hours, according to data from Bitget. This uptick comes as the market is experiencing heightened volatility and notable price swings.

The token initially faced a sharp rejection above $0.00000620, triggering a rapid decline. However, after falling as low as $0.00000555, Shiba Inu stabilized and was last seen trading near $0.00000589.

On September 23, SHIB lost 7.69% after hitting $0.00000624. Nevertheless, a 2.3% price recovery followed the next day, indicating a rebound in buying interest. Trading volumes have remained elevated compared to earlier sessions in September.

Shiba Inu's activity spike signals the start of another period of pronounced price volatility. Technical indicators currently highlight significant volatility, with the Relative Strength Index (RSI) standing in neutral territory. This suggests that the price is neither overbought nor oversold and leaves room for further movement in either direction.

One key technical development is Shiba Inu's move above its 200-day moving average after spending several months below this long-term indicator near $0.0000056. The 200-day moving average currently stands between $0.0000056 and $0.0000057, which may now act as a critical support zone for the token.

Maintaining price levels above this range keeps the September recovery structure intact. The first resistance for bullish traders is found at $0.0000060, while sustained upward momentum could push Shiba Inu into the $0.0000062 to $0.0000063 range, where a higher high above the August peak would potentially be established.