Volatility Hits 3-Month High: Is SHIB Ready for Another Breakout?

• SHIB’s recent surge is backed by significant trading volume and investor interest amid broader market recovery.
• Key resistance at $0.00002000 and support at $0.00001821 are pivotal for SHIB’s price movements.
• High volatility without a rise in active addresses suggests cautious optimism for SHIB’s sustained growth.

Shiba Inu (SHIB) is poised for a potential resurgence, riding the coattails of a broader cryptocurrency market recovery. Recently, SHIB has exhibited a notable 19.68% gain over the past week, making it one of the top performers among major digital assets. As of now, SHIB is priced at $0.00001849, reflecting a modest 1.70% increase within the day.

This resurgence comes amidst a market-wide uptick, spurred largely by Bitcoin’s push towards reclaiming the $65,000 mark. For SHIB, which boasts a market capitalization of $10.9 billion, this recovery marks a critical moment in its price trajectory. Trading volume has surged by 151.08% over the past 24 hours.

The cryptocurrency landscape has been dynamic, with SHIB benefiting from increased investor interest and a substantial rise in trading volume. Such heightened trading activity underscores the potential for significant price volatility, both in upward surges and corrective dips.

Price movements for SHIB have been pivotal, starting around $0.00001821 before peaking momentarily at approximately $0.00002000, only to face resistance and retreat slightly. 

The support level at $0.00001821 has proven crucial, preventing further downside movements, while resistance persists around $0.00002000, acting as a barrier to extended gains. Despite these fluctuations, the overall trend remains positive, characterized by intermittent spikes and consolidations within these price levels.

Recent data from Santiment highlights a spike in SHIB’s volatility to a three-month high of 0.0574. However, this spike has not coincided with a proportional increase in active addresses, which currently number just 3,974. 

Historically, SHIB has shown that robust price surges align closely with simultaneous rises in both volatility and active addresses. Examples include the peaks observed in May 2021, when SHIB hit $0.00003, and later in October 2021, surging to an all-time high of $0.00008616.