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Dog-themed cryptocurrency Shiba Inu (SHIB) is showing early signs of recovery. However, investors remain cautious about whether the rebound has enough momentum to sustain itself.
Since the weekend, SHIB has experienced an uptick in price, once again reaching the $0.0000131 mark in the early Sunday session, indicating renewed interest from traders. This comes amid a broader crypto market recovery, with major digital assets such as Bitcoin and Ethereum also regaining lost ground.
As reported, Shiba Inu saw an uptick in whale inflows and netflows in the week just concluded, suggesting that large holders might be accumulating SHIB, possibly expecting an increase in the long term. The overall sentiment on the crypto market has improved, increasing interest in altcoins like SHIB.
Godfrey BenjaminAt press time, SHIB was among the several crypto assets trading in the green, up 1.85% in the last 24 hours and 2.39% weekly. If today closes in green, Shiba Inu would mark the second day of steady gains since March 21's decline.
Rally on horizon?
Today's gains culminated in a retest of highs of $0.0000131. While the recent uptick is encouraging, SHIB is trading within a range between $0.0000122 and $0.0000131, which it has been in since March 18.
The critical resistance level at $0.000014 could determine Shiba Inu's next move. A successful breakout above this level may pave the way for further gains, potentially igniting bullish sentiment. However, failure to surpass resistance could lead to another pullback, with support levels being tested once again.
Tomiwabold OlajideGiven the current uncertainty on the market, SHIB holders will be watching closely to see if this recovery marks the beginning of a sustained uptrend or just a temporary bounce. A break above the moving averages 50 and 200 at $0.0000142 and $0.0000191 would kickstart a fresh uptrend for Shiba Inu.
Vladislav Sopov
Dan Burgin