Shiba Inu Holds Firm Amid Market Pressure, Defies Odds as Majority of Holders Are Underwater

Shiba Inu (SHIB) continues to impress by maintaining strength despite broader crypto market fluctuations and the fact that roughly 80% of its holders are currently in negative territory.

According to technical analysis from CoinDesk Research, SHIB successfully pushed through significant resistance levels while staying comfortably above all major moving averages, signaling persistent bullish momentum.

While recent price action shows some short-term consolidation, the overall trend remains positive. Community enthusiasm remains high, bolstered by ongoing work on Shibarium, a Layer 2 scaling platform designed to enhance SHIB’s use cases beyond its origins as a meme coin.

Key Technical Insights:

• SHIB’s price moved between 0.00001399 and 0.00001492 over the last 24 hours, representing a near 7% gain.
• A steady uptrend formed with rising support levels around 0.00001428.
• Volume surges at 13:00 and 02:00 indicate strong buying interest pushing prices higher.
• The token overcame resistance at 0.00001467 late in the session.
• Closing price stood at 0.00001474, backed by momentum indicators pointing to further upside.
• SHIB remained above critical moving averages throughout the trading period.
• The last hour saw increased volatility, with prices slipping slightly from 0.00001485 to 0.00001475 amid selling pressure.
• A short-lived peak of 0.00001487 was reached before sellers pulled back.
• Significant selling pressure between 02:45 and 02:47 dropped prices to a low of 0.00001471.
• Volume data reveals notable distribution during candles at 02:42 and 03:04, reflecting profit-taking.
• Despite some rejection at higher prices, SHIB staged a small recovery with higher lows near 0.00001474.
• SHIB remains just below the crucial resistance formed during its recent rally.