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Dog-themed cryptocurrency Shiba Inu (SHIB) has climbed 8% in the past 24 hours, reversing an earlier sell-off at the start of the week. At the time of writing, SHIB was up 8% in the last 24 hours to $0.0000123, extending its rebound following four straight days of falls since the weekend.
At current prices, 101.42 trillion SHIB are currently in the money or profitable, per IntoTheBlock's Global In/Out of the Money, which classifies addresses based on whether they are profiting (in the money), breaking even (at the money) or losing money (out of the money) on their positions at the current price.
Thirty-four percent (34%) of Shiba Inu addresses are profiting (in the money); 4% of Shiba Inu addresses are breaking even (at the money) and 62% of Shiba Inu addresses are losing money (out of the money) on their positions at the current price.
Tomiwabold OlajideThe broader cryptocurrency market is showing signs of recovery, with Bitcoin and Ethereum trading in the green. This positive momentum has trickled down to altcoins like SHIB.
Crypto market rebounds
The inflation rate in February was 2.8%, lower than projected, which boosted cryptocurrency prices. Prices for goods and services rose less than expected in February, bringing some respite to consumers concerned about inflation, the Bureau of Labor Statistics reported on Wednesday.
Arman ShirinyanFederal Reserve officials are watching the developments closely, with markets presently expecting the Fed to resume interest rate cuts in May. Shiba Inu extended its rebound from lows of $0.0000108 on March 11, into today's session, reaching highs of $0.00001261.
If the momentum continues, SHIB may test important resistance levels, likely aiming for $0.0000158, which corresponds to the daily SMA 50, ahead of the daily SMA 200 at $0.0000192. However, the ability to sustain gains might be determined by broader market trends and investor sentiment.
On the other hand, support is envisaged at $0.000010 in the event of a drop.
Dan Burgin
Vladislav Sopov