Shiba Inu's rebound from June lows of $0.000007 seems to be gaining traction as the cryptocurrency may be set to close its second consecutive positive month despite market drawbacks.
The crypto market took a bearish turn after Fed Chair Jerome Powell pledged that the central bank would continue its aggressive campaign to raise interest rates at the Jackson Hole conference. Due to Powell's hawkish remarks, Bitcoin and major altcoins, including Shiba Inu, erased their gains.
After closing July in the green with a positive gain of 13.04%, Shiba Inu could be said to have had a mixed August in terms of price action.
Shiba Inu was a top gainer on the market on Aug. 14, rallying a whopping 40% from lows of $0.0000126. Shib rose to reach a high of $0.0000179 on Aug. 15 before a retreat. The bulls attempted to resuscitate the uptrend on Aug. 25, with SHIB prices rebounding to highs of $0.0000148 before the bears set in.
Currently, SHIB is up 5.04% in August. A close above $0.0000114 might be needed for SHIB to end the month in the green.
The governance token of the Shiba Inu ecosystem, BONE, stole the show on the cryptomarket after rising a whopping 150% within 48 hours. The outcome was a stunning 447% rise in 24-hour BONE trading volumes, as reported by U.Today. BONE is likewise set to close out its third consecutive positive month and is up a whopping 184% in August so far.
Shiba Inu's price action
Bulls are attempting to resuscitate a rise from the daily MA 50 close to $0.000012. If the bulls are successful, Shiba Inu may try to rally to the overhead barrier at $0.0000148 and then $0.0000179. SHIB could spend some time locked in the range between $0.0000116 and $0.0000148, as the RSI is indicative of consolidation or range trading.
On Aug. 28, Shiba Inu breached and closed below the immediate support level of $0.000012, but the bears were unable to capitalize on their position. This indicates that bulls continue to accumulate the dip. SHIB was marginally up on the day at $0.0000123 at press time.