Shiba

United

Shiba Inu

Gains

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In a surprising turn of events, <a href="https://u.today/shiba-inus-weekly-burn-skyrockets-338-millions-of-shib-disappear" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) </a>experienced a&nbsp;significant&nbsp;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&nbsp;plays a pivotal role&nbsp;on the cryptocurrency market, where price movements can often&nbsp;be attributed&nbsp;to patterns, trends and indicators rather than fundamental news. In the case of SHIB, the 7% rise appears to&nbsp;be athe result of&nbsp;such technical factors.
Traders and analysts alike have observed that SHIB's price bounced sharply off a&nbsp;key&nbsp;support level, a sign that the token&nbsp;was oversold&nbsp;in the&nbsp;very&nbsp;short&nbsp;term. SHIB's price has largely lulled since last week as traders eagerly awaited a decisive move. <img alt="TradingView " data-entity-type="file" data-entity-uuid="45adb458-613a-4fce-83e2-5457cc96b645" src="https://u.today/sites/default/files/inline-images/1000006111.png"><a href="https://www.tradingview.com/x/YNRH9one/" rel="noopener noreferrer nofollow">SHIB/USD Hourly Chart, Courtesy: TradingView</a>
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&nbsp;with&nbsp;the price reaching highs of $0.00002395.&nbsp;
At the time of writing, SHIB was up 5.52% in the last 24 hours to $0.00002357.
The overall crypto market is&nbsp;showing signs of recovery, with several&nbsp;major&nbsp;cryptocurrencies regaining lost ground.&nbsp;
This rebound has created positive sentiment among investors, which may have contributed to SHIB's rapid price increase.&nbsp;The market's optimism, combined with&nbsp;SHIB's technical indicators,&nbsp;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&nbsp;next&nbsp;resistance&nbsp;levels&nbsp;amid speculation over how far SHIB can rise in the days ahead.&nbsp;
<a href="https://twitter.com/WuBlockchain/status/1789820577752203442" rel="noopener noreferrer nofollow">This week</a>, the United States will disclose significant CPI data for April, a macroeconomic event that may cause volatility on the cryptocurrency markets.

Shiba Inu (SHIB) Suddenly Gains 7% in Hour, Here's What's Happening

U_Today

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