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One of Shiba Inu's short-term activity metrics increased by 351% in just eight hours, signaling the start of yet another period of extreme volatility. The recent market activity is especially significant because the spike occurred right after $SHIB was violently rejected from above $0.00000620.
Shiba Inu stays on the bullish wave
The price has stabilized. Following a recent decline toward $0.00000555, $SHIB is currently trading at about $0.00000589. The token dropped by 7.69% on September 23 after hitting $0.00000624, but the next day saw a 2.3% increase.
Additionally, trading activity is still higher than in previous September sessions. Technically speaking, the 200-day moving average is where the most significant development is taking place. After spending months below the long-term indicator near $0.0000056, $SHIB has finally surpassed it.
More significantly, the most recent adjustment tested essentially the same region without resulting in a persistent breakdown. This generates a potential conversion to support. The September recovery structure is maintained as long as $SHIB stays above $0.0000056–$0.0000057.
Momentum is recovering
But momentum is far from stable. While the RSI stays in neutral territory rather than confirming an overheated market, current technical readings categorize volatility as high. There is a lot of room for movement in either direction with that combination. $0.0000060 is the first barrier for bulls.
$0.0000062–$0.0000063 would regain focus with a persistent move above it. A higher high above the August spike would be established if the recent high were cleared. If the 200-day average were not defended, the situation would rapidly shift.
After that, $SHIB would encounter support at $0.0000054 and the moving-average cluster at $0.0000051–$0.0000052. Thus, the intraday activity spike of 351% reaches a sensitive point. Although $SHIB's structure has improved, the market has not yet established a stable direction, as evidenced by the significant short-term fluctuations.