Shiba Inu Bulls Defend Dual Support With 1T Volume. What Next?
0SHIB's price range saw a 5% spread, with trading volume surging past 1 trillion tokens.
Shiba Inu SHIB$0.0₄1291 has gained over 2% in the past 24 hours, with bulls defending key support levels on the back of strong volumes.
The meme cryptocurrency fell early Wednesday as BTC and the broader market witnessed de-risking ahead of Fed Chair Jerome Powell's impending speech.
Buyers, however, stepped in closer to the $0.00001200 level, ensuring that the psychological support was maintained. The subsequent recovery also lifted prices back above the ascending trendline connecting June 22 and Aug. 2 lows, and the key level of $0.00001231, which is the 61.8% Fibonacci retracement of the June-July rally.
SHIB shakes off volatility, powers from $0.000012295 to $0.000012574 close on heavy bullish flow. Token holds critical support, smashes through resistance barriers. Next target: $0.000012700 psychological level.
According to CoinDesk's AI technical insights model, $0.000012700 is the next level to beat for the bulls.
CD20 maintained range-bound trading as SHIB volatility spiked. The Index reflected institutional selectivity across major crypto holdings, with the broader market confidence persisting despite individual token swings and near-term uncertainty.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
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Omkar Godbole is a Co-Managing Editor and analyst on CoinDesk's Markets team. He has been covering crypto options and futures, as well as macro and cross-asset activity, since 2019, leveraging his prior experience in directional and non-directional derivative strategies at brokerage firms. His extensive background also encompasses the FX markets, having served as a fundamental analyst at currency and commodities desks for Mumbai-based brokerages and FXStreet. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.Omkar holds a Master's degree in Finance and a Chartered Market Technician (CMT) designation.
https://www.coindesk.com/markets/2025/08/21/shiba-inu-bulls-defend-dual-support-with-1t-volume
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