Shiba Inu (SHIB) has spent the last 24 hours navigating through a volatile trading range. At the time of writing, SHIB is priced around $0.00001238, showing resilience after a series of sharp swings. According to CoinMarketCap data, the token touched a low of $0.00001185 and a high of $0.00001244 in the past day.

Technical Overview

The hourly candlestick chart reveals a tug-of-war between bulls and bears. After dipping toward $0.00001190, SHIB managed to stage a recovery, reclaiming the $0.00001230 zone. Volume has remained strong, with more than 242 million SHIB traded, signaling that market participants remain active despite recent turbulence.

_{24-hour price chart Source: CoinMarketCap}

For now, $0.00001240 acts as an immediate resistance zone. A clean break above it could open the door for higher gains. On the downside, holding above $0.00001185 remains crucial, as losing this level may invite more selling pressure.

Related article: Shiba Inu (SHIB) Struggles to Attract as Volume Declines by 5.08%: Downtrend Persists but Buyers Eye Key Support

Although SHIB is currently trading far below its all-time high of $0.00008845 reached on October 28, 2021, it has delivered staggering returns for early adopters. From its all-time low of $0.00000000008165 on September 1, 2020, the token has surged more than 15 million percent. This long-term performance cements SHIB as one of the most explosive assets in the crypto market’s history, even if it is still down nearly 86% from its peak.

Investor Sentiment

Market sentiment appears cautiously optimistic. Traders are monitoring whether SHIB can sustain momentum above the $0.000012 mark, which may serve as a base for a potential breakout. While short-term volatility remains high, the long-term appeal of SHIB’s community-driven ecosystem continues to attract attention. 

Related article: SHIB Struggles Near $0.000012 as Holders Await Recovery

Shiba Inu is once again at a crossroads. The token’s ability to maintain support near $0.00001185 while challenging resistance around $0.00001240 will decide its short-term trajectory. If buyers succeed, SHIB could extend its rebound. 

However, if sellers take control, another retest of the lower range is likely. For now, traders should keep a close eye on volume shifts and key technical levels as SHIB charts its next move.