Dog-themed cryptocurrency Shiba Inu (SHIB) is showing early signs of recovery, though investors remain cautious about the sustainability of this rebound.
Rise in Shiba Inu Prices
Since the weekend, SHIB has experienced an increase in price, reaching the $0.0000131 mark once again. This indicates renewed interest from traders, especially amid the broader crypto market recovery, where major digital assets like Bitcoin and Ethereum are also regaining ground.
Impact of Large Investors
As reported, Shiba Inu saw an increase in whale inflows and netflows over the week, suggesting that large holders might be accumulating SHIB expecting a long-term increase. Overall crypto market sentiment has improved, increasing interest in altcoins like SHIB.
Cryptocurrency Outlook
At press time, SHIB was trading in the green, up 1.85% in the last 24 hours and 2.39% weekly. Continuation of the current rally could lead to further gains, but failure to surpass the resistance level of $0.000014 might result in retesting support levels. SHIB holders watch the situation closely, hoping for a sustained uptrend.
Given the current market uncertainty, SHIB holders are closely monitoring developments to determine whether this recovery marks the onset of a sustained upward trend or just a temporary bounce.
