Advertisement
AD

Main navigation

Shiba Inu Price Finally Recovers with More Altcoins Entering Green Zone

Advertisement
Wed, 12/01/2022 - 9:39
Shiba Inu Price Finally Recovers with More Altcoins Entering Green Zone
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

Shiba Inu has joined the rebound rally that began on both the altcoin market and the crypto market in general. The asset has faced its first positive trading days since Dec. 28.

The market is rebounding

According to data from TradingView, Shiba Inu has gained approximately 7% of its value, with other altcoins gaining approximately 10% of their value. The recovery is more likely tied to the technical reversal of the market that was considered extremely oversold.

Shiba Inu Chart
Source: Shiba Inu 

The sell-off of Shiba Inu and other assets started at the end of the year 2021. Since Jan. 1, most assets have lost from 10 to 20% of their value due to a global risk-off on financial markets.

The first signs of recovery appeared after trend indicators like the relative strength index reached extreme oversold levels on Ethreum and Bitcoin.

Shiba Inu is showing first gains

Shiba Inu has formed the first higher high candle in the last two weeks. According to market data, the recovery was fueled mostly by retail traders rather than whales as the holdings of Shiba Inu on the largest addresses on Ethereum have not increased from $1.4 billion.

Related

Previously, whales again started the buying spree of the asset with more than $300 million being added on their addresses. Another factor that plays in Shib's favor is the constant burning events that decrease the total supply of the token.

At press time, Shiba Inu is trading at $0.00002841 and shows 2.7% daily growth as other altcoins like Ethereum and Matic have ended up with 10% growth in the last two days.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD