Shiba Inu's SHIB v-shaped price recovery from 16-month lows is characterized by a surge in trading volumes, according to CoinDesk's AI research.
The meme cryptocurrency has bounced to $0.0000$1080, having hit a low of $0.00001025 late Sunday. That was the lowest level since February 2024, according to data source TradingView.
The bounce comes as bitcoin, the leading cryptocurrency by market value retook the $100,000 handle after oil's largely muted response to the U.S. airstrikes on Iran.
SHIB's recovery appears sustainable, driven by a surge in trading volumes. According to CoinDesk's AI insights, buying pressure emerged late Sunday, with volume exceeding 2 trillion SHIB, more than double the 24-hour average.
The subsequent bounce, represented by a series of higher lows and higher highs, ran into resistance near $0.00001088 during Monday's Asian trading hours.
Key AI insights
- SHIB has recovered from a significant dip to $0.00001008, stabilizing around $0.00001081 with strong volume support during the recovery phase.
- Geopolitical tensions and trade disputes continue to influence cryptocurrency markets, with SHIB's price action forming a clear V-shaped recovery pattern.
- Volume spiked to nearly 8 trillion units during the 11:05 candle, indicating strong market participation.
- A double-top pattern formed at around $0.00001083, with significant selling pressure at this resistance level.
Hourly chart
- SHIB's price has taken out the descending trendline, characterizing the sell-off from Friday.
- Prices, however, are yet to cross above the Ichimoku cloud, a momentum indicator. That would confirm a bullish trend reversal.
