Monster Volume of 4.8T SHIB Sparks Bullish Move in Shiba Inu Above 200-day Average

Shiba inu (SHIB) bullish momentum has gathered pace, with prices topping key level on the back of unprecedented trading volumes.

The joke cryptocurrency has surged over 5% in 24 hours, topping the 200-day simple moving average (SMA) for the first time since January. The average is widely-tracked by both retail and institutions to gauge long-term trends, with crossovers above the same suggesting bull runs.

Most appreciation in prices occurred during the early morning hours of 18 July, most notably between 01:00-05:00, wherein price action advanced from $0.00001459 to $0.00001560, accompanied by extraordinarily elevated volume activity culminating at 4.88 trillion during the 01:00 hour—substantially exceeding the 24-hour average of 1.46 trillion.

The high-volume indicates growing investor participation in the price rise and validates the breakout above the 200-day SMA. The cryptocurrency's daily chart shows an evolving double bottom bullish reversal pattern.

SHIB's daily chart. (TradingView/CoinDesk)

Key AI insights

• SHIB exhibited extraordinary resilience with a 12 per cent trading range during heightened market volatility spanning 17 July 13:00 to 18 July 12:00.

• The cryptocurrency surged dramatically during early morning hours of 18 July, advancing from $0.00001459 to $0.00001560 with exceptional volume activity culminating at 4.88 trillion.

• Exchange reserves reached their lowest levels since 2023, signalling substantial whale accumulation and diminished selling pressure across principal trading platforms.

Key technical indicators

• Price range of $0.000001943 representing 12 per cent volatility spread between $0.00001384 minimum and $0.00001569 maximum. • Volume surge to 4.88 trillion during 01:00 hour, substantially exceeding 24-hour average of 1.46 trillion.

• Robust volume-supported resistance established proximate to $0.00001515 level.

• Nascent support zones formed above $0.00001480 following consolidation.

• Successful breakout above psychological $0.00001500 threshold with institutional volume confirmation.

• Target resistance zone identified at $0.00001520-$0.00001540 for potential upside extension.

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.