Shiba Inu bulls have reignited momentum, defending major support zones as trading volume on the meme cryptocurrency crosses the 1 trillion mark.

Despite early session declines linked to broader crypto sell-offs ahead of Federal Reserve Chair Jerome Powell’s anticipated speech, SHIB buyers stepped up near the $0.00001200 range. Their efforts helped the token maintain a key psychological support, bouncing back above a critical trendline connecting the June 22 and August 2 swing lows.

This rebound also allowed SHIB to regain ground above the $0.00001231 level—coinciding with the 61.8% Fibonacci retracement level of its June-to-July rally—signaling bullish intent in the market.

SHIB price action showing a rebound above critical trendline and Fibonacci retracement level. (Chart: TradingView)

SHIB Recovery Gains Momentum

Shiba Inu’s recent price action revealed the community’s strong resolve. The token moved from an intraday low near $0.000012295 to a high of $0.000012574, pushing through key resistance points. As bullish sentiment thickens, the next obstacle for enthusiastic traders is the $0.000012700 mark—a round-number level that holds psychological significance in technical analysis.

According to CoinDesk’s proprietary AI technical insights model, this is the next ceiling SHIB needs to overcome for a breakout continuation.

Indicators Show Upward Breakout Potential

• SHIB traded in a tight range from $0.000012089 to $0.000012705 during the session—a 5% difference from low to high.
• Institutional trading activity surged between 13:00 and 14:00, with total traded volume exceeding 1 trillion SHIB tokens.
• The token maintained itself above the $0.000012250 level, acting as a foundation of support.
• Earlier bearish pressure at 13:00 failed to penetrate the lower support threshold of $0.000012089.
• Once SHIB surpassed resistance at $0.000012600, volume spiked dramatically—hitting 12.8 billion tokens in flows.

These data points collectively indicate increasing market traction, and with consistent volume flow, further bullish pressure may lift SHIB beyond the next resistance.

Wider Market Holds Despite Token Volatility

During SHIB’s price swings, the broader CD20 Index—which tracks a basket of major crypto assets—remained stable. This reflects a selective approach from institutional investors, who continued holding positions in major assets while responding cautiously to volatility in individual tokens like SHIB.

This level-headed environment suggests enduring investor confidence, even as meme coin rallies inject momentary exuberance and speculative fervor into the ecosystem.

Related: XRP Targets $2.33 After Breakout

Disclaimer: Parts of this article were generated with assistance from AI systems and reviewed by human editors for adherence to editorial standards. For more, see CoinDesk’s AI policy.