According to CoinMarketCap data, Shiba Inu trading volume has shot up nearly 70% in the last 24 hours as its price approached the key $0.000012 level.
The trading volume, which refers to the total amount transferred between buyers and sellers, might suggest investor positioning, although not often so.
According to CoinMarketCap data, 27,747,491,040,661 SHIB, or 27 trillion tokens worth $332,414,104, were swapped in the last 24 hours.
At the time of publication, SHIB was up 3.84% since the past day at $0.0000196. The price had reached intraday highs of $0.0000123 before slightly easing.
Price reaches “trigger point”
In August 2022, the $0.000012 range acted as a trigger point for Shiba Inu’s price, causing the asset to suddenly spike 42% in a single day when its price rose near the $0.000018 level.
However, it seems as though SHIB is confronting a barrier in the $0.000012 range, having retreated from highs of $0.00001295 and $0.0000125 on Jan. 18 and 22, respectively. On the upside, a breach past the $0.000012 range might move SHIB to the next target at $0.0000136.
Further increases might target the $0.0000151 level ahead of the $0.0000179 level. The daily RSI is slightly tilting upward and is at the positive 70 mark, suggesting an advantage to buyers.
SHIB’s short-term increase might also be encouraged by a positive crossover on its 4-hour chart. On the other hand, major support seems to be forming at the daily MA 200, near $0.00001077, if the price retreats.
The hype surrounding the upcoming launch of Shibarium Layer 2 might propel SHIB higher in the coming days. The probability of traders reducing their exposure to the token after the launch of Shibarium is yet unknown in case it turns out to be a “buy the rumor, sell the news” event.
The general market conditions might also determine the SHIB price trend.