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Shiba Inu is posting a positive performance on a daily and weekly basis as optimism rose across the markets ahead of key inflation releases later this week.
The PPI release on Wednesday, as well as core inflation data (CPI) coming out on Thursday, is shaping market sentiment as investors bet on a potential rate cut at the upcoming September meeting, scheduled from the 16th to the 17th of this month.
Shiba Inu is up 3.7% in the last 24 hours to $0.00001286 and up 5.6% weekly, according to CoinGecko data. Shiba Inu saw a significant surge on Monday, rising from $0.00001239 to $0.0000129 and posting a large green candlestick.
The surge builds on a rebound from a low of $0.00001226 on Sept. 7, and a broader recovery from a Sept. 1 low of $0.00001181. Despite the rebound across lower time frames, SHIB remains down on a yearly basis.
SHIB down 39% yearly
According to the 12-month chart, Shiba Inu is down 39.28%. The performance remains surprising given that Shiba Inu has closed three out of four years since its inception in green.
Save for 2022, when Shiba Inu closed the year down 75.79%, Shiba Inu marked positive closes in 2021, 2023 and 2024.
The year 2024 saw the Shiba Inu price end the year with 104% gains. With nearly four months to the end of year, there is still hope for the bulls as a strong Q4 performance might reverse the losses.
In the short term, a decisive breach above the daily moving averages 50 and 200 at $0.00001292 and $0.00001303 will be watched for SHIB to exit its current range and ignite positive momentum.
The levels of $0.0000135, $0.000014 and $0.00001597 are key resistances to surmount in the short term, while support remains in the range near $0.000011.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team