In a surprising turn of events, Shiba Inu (SHIB) saw a significant 7% increase in its value in a single hour, standing out in a broader crypto market rally.
In a surprising turn of events, Shiba Inu (SHIB) saw a significant 7% increase in its value in a single hour, standing out in a broader crypto market rally.
This rise is particularly notable as it occurred without the influence of any major news or announcements over the weekend, pointing to technical factors as the main catalyst.
Technical analysis plays a critical role in the cryptocurrency market, where price movements can often be attributed to patterns, trends, and indicators rather than fundamental news. In the case of SHIB, the 7% increase appears to be a result of such technical factors.
Traders and analysts alike have noted that SHIB price rebounded sharply off a key support level, a sign that the token was oversold in the very short term. SHIB price has largely calmed down since last week as traders eagerly awaited a decisive move.
As seen on the hourly chart, Shiba Inu recorded three huge green hourly candles after the price hit support at lows of $0.00002155. In the last hour, Shiba Inu posted a gigantic green candle, the largest in the last four hours, with the price reaching highs of $0.00002395.
At the time of writing, SHIB was up 5.52% in the last 24 hours to $0.00002357.
The broader crypto market is showing signs of recovery, and several major cryptocurrencies are regaining lost ground.
This rally has created positive sentiment among investors, which may have contributed to the rapid rise in SHIB prices. Market optimism, combined with SHIB’s technical indicators, created a perfect storm for the token’s value to rise.
As SHIB continues to chart its course, traders are closely watching price movements for upcoming resistance levels amid speculation about how far SHIB may rise in the coming days.
This weekThe United States will release important CPI data for April, a macroeconomic event that may cause volatility in cryptocurrency markets.
