Shiba Inu Gains 2.9% Despite Bearish Trend

The Shiba Inu (SHIB) token has seen a rise in its trading value, but the momentum behind this increase has been limited despite efforts from buyers to establish a strong support base. Over the past 24 hours, SHIB has managed to create a robust support level between $0.00001265 and $0.00001270. Technical patterns indicate that there is potential for continued upward momentum, but the cryptocurrency has struggled to maintain gains above the 100-day simple moving average (SMA) at $0.00001332, currently trading at $0.00001317, which represents a 2.9% gain over the past 24 hours.

Geopolitical tensions and shifting trade policies have created ripples across cryptocurrency markets, with Shiba Inu emerging as a surprising beneficiary amidst the uncertainty. Despite this, the price chart shows that the downtrend from the May 12 highs remains intact, indicating that the upward momentum is not yet strong enough to overcome the overall bearish trend.

Key technical insights reveal that notable support has been established at $0.00001267, where buyers consistently stepped in during the early hours. The price action formed a clear uptrend with higher lows and higher highs, breaking through key resistance levels at $0.00001294 and $0.00001313. An initial consolidation period from 01:07 to 01:34 established support at $0.00001330, followed by an explosive breakout at 01:35 with the highest volume spike. The price action then formed a clear ascending channel with higher lows, culminating in a new local high at $0.00001345. However, slight profit-taking emerged in the final minutes as volume tapered off, suggesting potential short-term resistance but maintaining an overall bullish structure.

In summary, while Shiba Inu has shown signs of bullish momentum with buyers offering support, the overall trend remains bearish. The cryptocurrency's ability to maintain gains above key resistance levels will be crucial in determining its future price movements. The current support levels and technical patterns suggest potential for continued upward momentum, but the market's reaction to geopolitical tensions and trade policies will play a significant role in shaping SHIB's trajectory.