As the cryptocurrency market witnessed a rebound, Shiba Inu (SHIB) recorded a 7% uptick in value within just one hour of trading. This stood SHIB out among other tokens, gaining the attention of traders and analysts alike.
Technical Catalysts Fuel Surge
This surge in value occurred independent of any notable news or weekend announcements driving market sentiments. So far, market watchers are attributing the increase in value to technical factors.
Technical factors such as historical patterns and trends are critical catalysts in determining price movements. In the case of SHIB, with no major news update, analysts are pinning the sudden spike on technical analysis.
![SHIB/USD 1H Chart. Source: TradingView](https://crypto-vanguard.com/wp-content/uploads/2024/05/Shiba-Inu-1H1.webp)
Notably, SHIB’s price rebounded sharply from a critical support level, indicating that the token was oversold in the short term. Following a period of relative stagnation, traders witnessed a decisive move as SHIB’s price surged significantly.
After a period of consolidation, traders eagerly awaited a decisive move, which ultimately manifested in the form of a substantial price increase.
What Shiba Inu Hourly Chart Reveals
An examination of the hourly chart reveals a series of notable green candlesticks, with SHIB rebounding sharply from lows of $0.00002155 to highs of $0.00002395 within a single hour. This surge marks the largest observed within four hours, highlighting the intensity of SHIB’s bullish momentum.
At the time of reporting, SHIB had recorded a 5.52% increase in the past 24 hours, trading at $0.00002357.
Although SHIB’s surge occurred in isolation, the uptick coincided with a broader recovery in the cryptocurrency market, where several major cryptocurrencies also reclaimed lost ground. The collective rebound helped to inject a positive market sentiment into the crypto space.
While SHIB’s upward momentum has elicited excitement among users, trade analysts remain vigilant on the price movement for signs of resistance levels and potential further gains. In any case, speculation abounds regarding SHIB’s future trajectory, with investors closely monitoring developments.
Amidst this excitement, market participants are also preparing for significant macroeconomic events, such as the release of the United States’ Consumer Price Index (CPI) data for April. Meanwhile, users remain worried by the explosive 267% surge in transaction fees of the network.