“Shib’s Price Volatility Included a Peak at 0.00001336 and A Decline to 0.00001297, with Significant Trading Volume.”, – WRITE: www.coindesk.com
SHIB ExperienCed Significant Price Valativity, Reaching A Peak of 0.00001336 Before Deckling to 0.00001297, With Notable High-Volume Support Emerging.
The Support Was Breached Soon Before Press Time, PENETRATING THE BULLISH UPWARD-SLOPING HIGher Lows Pattern, Marking A Recovery from the 31 Low of 0.00001226.
Shib’s Hourly Chart. (TradingView/Coindesk)
The Breakdown Follows An overnight Surge in the SHIB BURN RATE, WHICH INCREASED by Nearly 140%, Removing 39.49 Million Tokens from Circulation. Furthermore, Open Interest in SHIB DERIVATIVES INCREASED BY 2.03% to 11.36 Trillion Shib (Approximately $ 158.65 Million), with Gate.io Leading with 54.18% of The Total Open Open.
Key Technical Insights
- Shibes exhbited significant price volatility over the 24-choir period, reaching a peak of 0.00001336 Dringing the 14:00 Hour on June 3rd Before Declining to A Low of 0.00 0.00000039 (2.96%).
- Notable High-Volume Support Emerged at the 0.00001310 Level Durying The 01:00 Hour On June 4th, with Volume Exceeding 573b, Well Above The 24-Hur Aver Average of 276b. (The High-Volume Support Was Breached Soon Before Press Time.)
- The Price Action ForMed A descending Channel from The 15:00 PEAK, WITH Resistance at 0.00001320 Repeatedly tested and rejected, Suggesting Continued Bearish Pressure Despite. 0.00001310-0.00001315.
- Volume Spiked Significantly at 08:02 With Over 14.9B Shib Traded, Nearly Triple The Hourly Average, Confirming Strong Buying Interest.
PEPEPepe’s Recovery from the May 31 Lows Gained Momentum on Tuesday, But Selers Eventual Overported Buyers Near The 200-Day Sma Resistance, Pushing The Market Valination Back to $ 5.2 Billion.
The rejection at the 200-day SMA Could Invite More Selling, Potentilly Yielding A Re-Test of the 50-Day Sma Support At $ 4.64 Billion.
That Said, The 50-Day Sma Has Recently Crossed Over The 100-Day Sma and Is Trender Upward, Hinting at A Broader Bullish Shift in Momentum. SO, Potential Dips Could Be short-lived.
Pepe’s Daily Price Chart. (TradingView/Coindesk)
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