Shiba Inu (SHIB) recorded a 351% surge in activity within eight hours while continuing to trade above a key long-term support level, renewing attention on whether buyers can sustain the token's recent recovery.

The move played out against a volatile stretch of trading. SHIB reached $0.00000624 before falling 7.69% on September 23, then recovered 2.3% the following day. The token also rebounded after trending toward $0.00000555, changing hands at approximately $0.00000589 in the latest market snapshot.

The spike in activity comes as SHIB sits between two closely watched technical zones. The recent high near $0.00000624 caps the immediate upside, while the reclaimed long-term moving average offers support beneath the current price. The 351% increase, on its own, does not show whether buyers or sellers were responsible for the rise: higher activity can accompany stronger buying interest as well as increased selling pressure, making SHIB's reaction around nearby price levels more significant.

SHIB Tests Support Near the 200-Day Moving Average

The 200-day moving average near $0.0000056 — a long-term trend gauge that traders across both crypto and traditional markets use to separate sustained recoveries from temporary rebounds — has become a central level for SHIB after the token moved back above the indicator following several months of trading below it. Reclaiming that line after an extended stretch beneath it is the kind of shift technical analysts treat as an early marker of changing trend structure, which is why the current test draws attention beyond the day-to-day price swings. During the latest pullback, buyers appeared around that same area, helping prevent SHIB from remaining below the long-term average.

That reaction leaves the $0.0000056 to $0.0000057 region as an important support zone, particularly because it also sits close to the token's recent low.

Source: TradingView

sustained break back below the 200-day moving average would test whether the previous resistance area has successfully flipped into support — a transition technical traders monitor closely, since a former ceiling that holds as a floor is typically read as firmer ground beneath the price. For now, the price remains above that level despite the recent rejection from the $0.00000620 area.

Momentum readings offered no sign of an overheated recovery, with the relative strength index holding in neutral territory — between the 30 oversold and 70 overbought thresholds that momentum traders commonly use to flag stretched conditions. Other technical measures continued to point to elevated volatility following SHIB's sharp decline and subsequent rebound.

Resistance Builds Near $0.00000620

On the upside, $0.0000060 represents the first nearby hurdle before SHIB can retest the $0.0000062 to $0.0000063 region. A move above the recent $0.00000624 high would provide a stronger technical indication of recovery by establishing a higher high relative to the August spike — the building block of an uptrend in classical chart analysis — though the current activity surge alone does not confirm that such a breakout is developing.

The downside picture would become more important if SHIB falls decisively below its 200-day moving average. A move beneath that support could expose the token to approximately $0.0000054, with another cluster of moving averages positioned around $0.0000051 to $0.0000052.

For now, SHIB's sharp increase in activity is unfolding during a key technical test. Buyers have so far defended the long-term support area, while the recent high continues to cap the recovery. A sustained move beyond either zone would provide a clearer indication of the direction of the next major price move.

Reporting by Marcus Renfield, crypto market analyst and onchain writer, for Hokanews.