Shiba Inu (SHIB) suddenly gained 7% in an hour, here's what's happening
In a surprising turn of events, the Shiba Inu saw a significant 7% rise in value in one hour, standing out amid a broader recovery in the cryptocurrency market.
This increase is especially notable because it occurred without the influence of major news or announcements over the weekend, pointing to technical factors as the main catalyst.
Technical analysis plays a key role in the cryptocurrency market, where price movements can often be explained by patterns, trends and indicators rather than fundamental news. In the case of SHIB, the 7% growth appears to be a result of such technical factors.
Traders and analysts noticed that SHIB's price rebounded sharply from a key support level, a sign that the token was oversold in the very short term. SHIB's price has largely declined since last week as traders eagerly awaited a crucial move.
