Shiba Inu (SHIB) has attracted attention by increasing its trading volume by 1,711% on the Coinbase platform in the last 24 hours. This extraordinary increase is due to the excitement around the TREAT token and the upcoming updates. Technical analysis emphasizes that it is important to overcome certain critical resistance and support levels in order for SHIB to continue its uptrend.
Over the past 24 hours, Shiba Inu has seen a significant increase in trading volume on Coinbase. According to Coinglass data, SHIB’s spot trading volume has shown a remarkable performance, increasing by 1,711%. During this period, the SHIB/USD trading pair on Coinbase recorded a trading volume of $13.12 million.
According to CoinMarketCap data, Shiba Inu’s total trading volume has made a huge leap, reaching $482 million in the same period. This increase is closely associated with major innovations and upcoming updates in the SHIB ecosystem. The Shiba Inu ecosystem is preparing for a major wave of innovation, especially around the TREAT token. The Treat X account announced that a major announcement will be made to the community on January 14, 2025. This development has created excitement among investors and the SHIB community and is seen as one of the main reasons for the increase in trading volume.
The SHIB community believes that these updates will increase token demand in the long term and give new momentum to the SHIB ecosystem. Despite this huge increase in trading volume, the SHIB price has not changed much in the short term. The token increased by 1.46% in the last 24 hours to $0.0000241, and recorded a 14% increase on a weekly basis.
The bullish move that started on December 31, 2024, saw some pullback after reaching a low of $0.0000249 on January 4. However, SHIB showed signs of recovery during Monday’s trading session and is currently consolidating within a narrow trading range.
According to analysts, high trading volume and market activity could create upward momentum in the meme coin price. However, for this potential rise to occur, some critical technical levels need to be overcome. First, the 50-day simple moving average (SMA 50) at $0.0000255 and the psychological resistance level of $0.00003 stand out as important targets. A sustained break above these levels could lead SHIB to enter a new uptrend and reach higher prices.
On the other hand, if the price shows a downward movement, there are important support levels. The $0.0000234 level stands out as an immediate short-term support point, while the 200-day simple moving average (SMA 200) at $0.000020 forms a stronger support area. In a deeper pullback scenario, the $0.0000188 level could play a critical role as a major support point. Maintaining these levels is crucial for the SHIB price to avoid further declines.