The cryptocurrency market has witnessed a significant event as Binance reported a record trading volume of Shiba Inu tokens, reaching 379.27 billion within 24 hours. This coincides with an upward trend in the asset's market performance.
Trading Volume and Price Movement
Over the last day, SHIB recorded a price increase of 0.72%, climbing to $0.00002423. Initial trading volume reached $761 million, later reducing to 600.96 million. During this period, the token's price fluctuated between $0.00002319 and $0.00002486. Although SHIB has not returned to its peak of $0.00003215 seen approximately a month ago, analysts view the recent performance as promising.
Key Support and Resistance Levels
For many market participants, the $0.00002 level is an essential psychological benchmark for SHIB. Analysts argue that maintaining this threshold could provide a stable foundation for the token in the coming years. Sustained price performance above this level is expected to increase investor confidence, particularly for those holding SHIB with a long-term perspective.
Market Outlook and Analyst Predictions
As SHIB inches closer to breaking the $0.000025 resistance level, analysts are optimistic about its ability to sustain a bullish trend. A successful breach of this level could lead to further price increases, supported by growing demand and robust trading activity. However, market experts emphasize the importance of broader investor participation and ecosystem developments in maintaining momentum.
The recent surge in the token's trading activity and price highlights its resilience and growing appeal among cryptocurrency investors. As the token approaches key resistance levels, market participants are closely watching its performance for further signs of recovery and potential gains.
