Shiba Inu bulls defend dual support with 1T volume – What next?

Shiba Inu (SHIB) has gained over 2% in the past 24 hours, with bulls defending key support levels on the back of strong volumes.

The meme fell early Wednesday as BTC and the broader market witnessed de-risking ahead of Fed Chair Jerome Powell's impending speech.

Buyers, however, stepped in closer to the $0.00001200 level, ensuring that the psychological support was maintained. The subsequent recovery also lifted prices back above the ascending trendline connecting June 22 and Aug. 2 lows, and the key level of $0.00001231, which is the 61.8% Fibonacci retracement of the June-July rally.

Bulls fuel SHIB comeback
SHIB shakes off volatility, powers from $0.000012295 to $0.000012574 close on heavy bullish flow. Token holds critical support, smashes through resistance barriers. Next target: $0.000012700 psychological level.

According to CoinDesk's AI technical insights model, $0.000012700 is the next level to beat for the bulls.

Technical data points to a bullish breakout
SHIB traded within a $0.000012089-$0.000012705 range, which represents a 5% spread between session extremes.
Institutional interest peaked between 13:00 and 14:00, andvolume surged past 1 trillion tokens.
The price held above $0.000012250, confirming a strong demand floor.
Mid-session selling pressure at 13:00 failed to crack $0.000012089 support.
Resistance at $0.000012600 was penetrated, triggering a volume surge to 12.8 billion tokens.
CD20 index holds steady amid token volatility
CD20 maintained range-bound trading as SHIB volatility spiked. The Index reflected institutional selectivity across major crypto holdings, with the broader market confidence persisting despite individual token swings and near-term uncertainty.

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