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In a surprising turn of events, Shiba Inu (SHIB) experienced a significant 7% increase in value within a single hour, standing out in a broader crypto market rebound.
This rise is particularly noteworthy as it occurred without the influence of major news or announcements over the weekend, pointing to technical factors as the primary catalyst.
Technical analysis plays a pivotal role on the cryptocurrency market, where price movements can often be attributed to patterns, trends and indicators rather than fundamental news. In the case of SHIB, the 7% rise appears to be athe result of such technical factors.
Traders and analysts alike have observed that SHIB's price bounced sharply off a key support level, a sign that the token was oversold in the very short term. SHIB's price has largely lulled since last week as traders eagerly awaited a decisive move.
As seen on the hourly chart, Shiba Inu recorded three massive green hourly candlesticks after the price hit support at lows of $0.00002155. In the last hour, Shiba Inu posted a gigantic green candlestick, the largest in the recent four hours with the price reaching highs of $0.00002395.
Tomiwabold OlajideAt the time of writing, SHIB was up 5.52% in the last 24 hours to $0.00002357.
The overall crypto market is showing signs of recovery, with several major cryptocurrencies regaining lost ground.
This rebound has created positive sentiment among investors, which may have contributed to SHIB's rapid price increase. The market's optimism, combined with SHIB's technical indicators, created a perfect storm for the token's value to surge.
As SHIB continues to chart its course, traders are intently watching price movements for the next resistance levels amid speculation over how far SHIB can rise in the days ahead.
This week, the United States will disclose significant CPI data for April, a macroeconomic event that may cause volatility on the cryptocurrency markets.
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