The cryptocurrency market continues to reflect broader economic uncertainties since Shiba Inu (Shib) faces significant downward pressure.
The recent price action shows the critical SHIB test support at $ 0.0000127 after experiencing a 7.4% decrease in recent maximums, with volume peaks that coincide with the main slow ones, particularly in early May, according to the technical analysis data model of COINDESK Research.
Despite the current volatility, the data in the chain reveal a growing institutional confidence in the long -term perspectives of Shib. April 2025 saw the incorporation of 109 new million -dollar wallets that Shib have, which takes the total of 860 addresses with at least $ 1 million in Tokens. This accumulation occurred even when the price gain of 7% of Shib in April had a lower yield compared to Bitcoin increased by $ 95,000.
The feeling of the market is still cautiously optimistic since open futures for Shib almost doubled in April, increasing from less than $ 97 million to almost $ 190 million. Meanwhile, the continuous development of Shibarium, the block chain of Capa 2 of Shib, continues with improvements in the performance of the transaction and the incorporation of validator that could provide fundamental support for the future action of the price.
TECHNICAL ANALYSIS
- The price action reveals a series of lower and minimum lower ups and downs, with volume peaks that coincide with the main lacquers, particularly during the decrease of May 3 below $ 0.0000130.
- A key horizontal support zone has formed around $ 0.0000127, which has been tested several times in the last 48 hours.
- The level of $ 0.0000129 now represents the immediate resistance, with the fibonacci setback that suggests a potential stabilization at the current level before a significant recovery may occur.
- In the last 100 minutes, Shib demonstrated a remarkable volatility and recovery, initially falling to a critical support level at $ 0.0000126 during a high volume sale to 13: 31-13: 40, where the volume reached its maximum point in more than 22 million units.
- The price found a strong purchase interest in this support zone, which caused a V-form recovery that accelerated dramatically around 13: 57-14: 01, where the bullish impulse pushed Shib in almost 10% of its minimums.
- The most recent price action shows a consolidation above $ 0.00001276 with a decreasing volume, which suggests short -term exhaustion after the recovery rally, although the pattern of higher minimums are formed since 14:40 indicates potential for a continuous ascending movement if the support of $ 0.00001274 remains.
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