The Cryptocurrency Market continues to reflect wider economic uncertainties as Shiba Inu (Shib) faces significant downward pressure.

The recent price action shows Shib test of critical support for $ 0.0000127 after experiencing a decrease of 7.4% from recent heights, with volume tips that coincided with greater sale, especially in early May, according to Coindesk Research’s technical analysis data model.

Despite current volatility, data on the chain reveals growing institutional confidence in Shib’s long -term prospects. April 2025 was the addition of 109 new millionaire wallets with Shib, which brought the total amount to 860 addresses with at least $ 1 million in tokens. This accumulation occurred, even when Shibs 7% Price Increase in April underpointed compared to Bitcoin’s increase against $ 95,000.

Market mood remains gently optimistic as Futures’s open interest in Shib almost doubled in April and rose from less than $ 97 million to nearly $ 190 million. Meanwhile, the ongoing development of Shibarium, Shibs Layer-2 Blockchain, continues with improvements in transaction flow and validator onboarding that can provide basic support for future price action.

Technical analysis highlights

• Price action reveals a number of lower heights and lower low low, with volume tips that coincide with larger sales, especially during the 3rd of May migration below $ 0.0000130.
• An important horizontal support zone has formed about $ 0.0000127, which has been tested several times in the last 48 hours.
• The level of $ 0.0000129 now represents immediate resistance, where Fibonacci Retracement suggests potential stabilization at the current level before any meaningful improvement may occur.
• In the last 100 minutes, Shib demonstrated a remarkable volatility and improvement that initially threw itself to a critical level of support of $ 0.0000126 under a high-volume sale of 13: 31-13: 40, where the volume peaked with over 22 million units.
• The award found a strong buying interest in this support zone, triggering a V-shaped recovery that accelerated dramatically around 13: 57-14: 01, when Bullish Momentum pushed Shib up almost 10% from its low.
• The latest price action shows consolidation above $ 0.00001276 with falling volume, which suggests short-term fatigue after recovery rally, although the higher low pattern formed since 14:40, indicates the potential for continued movement upwards if $ 0.00001274 support holds.

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