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Shiba Inu (SHIB) surged in value by 7% in a single hour, outperforming the larger crypto market bounce.
Unexpected Surge in Shiba Inu's Value
This gain is especially significant because it occurred without the influence of major news or announcements over the weekend, indicating that technical forces were the primary motivator, as per U.Today.
The cryptocurrency market relies heavily on technical analysis, as price fluctuations are frequently attributed to patterns, trends, and indicators rather than fundamental news. SHIB's 7% increase looks to be the outcome of such technical causes.
Traders and analysts have noted that SHIB's price has rebounded sharply from a crucial support level, indicating that the token has been oversold in the short term. SHIB's price has been relatively flat since last week as traders waited for a significant move.
According to the hourly chart, Shiba Inu posted three big green hourly candlesticks after hitting support at $0.00002155. Shiba Inu posted a massive green candlestick, the largest in the last four hours, with the price reaching highs of $0.00002395.
SHIB was trading at $0.00002357, up 5.52% in the last 24 hours.
Technical Analysis Behind SHIB's Leap
The broader crypto market is exhibiting indications of improvement, with some major cryptocurrencies regaining ground.
This resurgence has generated an optimistic attitude among investors, possibly leading to SHIB's quick price rise. The market's confidence and SHIB's technical indicators produced the ideal conditions for the token's value to skyrocket.
As SHIB continues to chart its course, traders are closely monitoring price movements for the next resistance levels amid speculation over how far SHIB can soar in the next days.
This week, the United States will release major CPI data for April, a macroeconomic event that could generate volatility in cryptocurrency markets.
