Shiba Inu's Strong Comeback: What's Driving the Surge?

Shiba Inu, the popular meme cryptocurrency, has shown impressive resilience recently. Over the past day, it has climbed more than 2%, defying broader market trends. This uptick comes despite a rocky start to the week, when many cryptocurrencies, including Bitcoin, took a hit due to investor caution ahead of a major speech by Federal Reserve Chair Jerome Powell. The real turning point came when buyers stepped in near the $0. 00001200 mark, preventing a further drop. This support level is crucial because it's not just a number—it's a psychological barrier that traders watch closely. Once buyers intervened, the price rebounded, crossing above an important trendline that connects lows from June 22 and August 2. Additionally, it surpassed the $0. 00001231 level, which is a key Fibonacci retracement point from the June-July rally. The trading day was anything but dull. Shiba Inu's price swung between $0. 000012089 and $0. 000012705, a range that reflects a 5% spread. The most intense activity happened between 1:00 PM and 2:00 PM, with trading volume surging past 1 trillion tokens. Despite some mid-session selling pressure, the price held firm above $0. 000012250, showing strong demand. By the end of the day, resistance at $0. 000012600 was broken, leading to a massive volume spike of 12. 8 billion tokens. Looking ahead, the next big hurdle for Shiba Inu is the $0. 000012700 level. Breaking through this could signal even stronger bullish momentum. While the broader crypto market remains cautious, Shiba Inu's recent performance shows that meme coins can still make waves, even in uncertain times.