Saad Ullah
October's starting with a bang for Shiba Inu holders. The meme coin just posted a solid +5% gain in one trading session, breaking out of a consolidation pattern that had kept it range-bound for hours.
What Happened on the Charts
The move caught attention fast - trader KURO SHIBARMY JPN summed up the sentiment perfectly: "$SHIB !!". With meme coins showing signs of life again, everyone's wondering if this is just the beginning.
SHIB broke cleanly above 0.00001175 support and climbed to 0.00001234, posting a +5.47% gain. The rally came after sideways chop suddenly gave way to aggressive buying that pushed the token to a 24-hour high of 0.00001236. Volume tells the story here - 974.10B SHIB changed hands in 24 hours, showing retail traders are back in the game. The 15-minute chart reveals sharp upward momentum with barely any pullback, suggesting strong conviction from buyers.
Key levels to watch:
- Support is holding at 0.00001175
- Resistance sits around 0.00001240, with 0.00001280-0.00001300 as next targets if that breaks
- Volume spike confirms this isn't just noise
Why It Matters
This isn't happening in a vacuum. When the broader crypto market finds its footing, meme coins typically lead the charge with explosive moves that pull in short-term traders looking for quick gains. SHIB's behavior right now fits that pattern perfectly - it's acting as a momentum leader while Bitcoin and major alts stabilize.
Bulls need to defend the 0.00001240 level now. Hold above that, and 0.00001300 becomes the obvious target. Lose it, and we're probably heading back to test support around 0.00001200. The volume needs to stick around too - without sustained interest, these meme coin rallies tend to fade fast. For now though, SHIB's proving the meme coin trade still has legs.
Saad Ullah
