Shiba Inu (SHIB), the popular dog-themed cryptocurrency, is starting to show some promising signs of recovery. However, investors are still approaching with caution, wondering if this upward trend has enough momentum to truly last.

Since the weekend kicked off, SHIB has seen its price tick upwards, even hitting the $0.0000131 mark again during early Sunday trading – signaling a fresh wave of interest from traders. This positive movement is happening against the backdrop of a broader recovery in the crypto market, with major digital currencies like Bitcoin and Ethereum also regaining some lost ground.

Reports indicate that Shiba Inu witnessed an increase in large investor “whale” inflows and overall netflows in the week that just ended. This suggests that these big holders might be accumulating SHIB, possibly with expectations of long-term growth. Adding to the positive sentiment, the general mood in the crypto market has improved, which in turn is boosting interest in alternative cryptocurrencies like SHIB.

As of now, SHIB is among several cryptocurrencies showing positive movement, trading in the green with a 1.85% increase in the last 24 hours and a 2.39% rise over the week. If today’s trading day finishes positively, it will mark Shiba Inu’s second consecutive day of gains since the dip on March 21.

Rally on horizon?

Today’s gains have culminated in a retest of the $0.0000131 high point. While this recent upward movement is definitely encouraging, SHIB is still trading within a familiar range, fluctuating between $0.0000122 and $0.0000131 – a range it’s been in since around March 18.

The crucial resistance level to watch is $0.000014, as it could dictate Shiba Inu’s next major move. If SHIB manages to break through this level, it could pave the way for further price increases and potentially spark a more bullish market sentiment. However, if it fails to overcome this resistance, we might see another pullback, with support levels likely being tested once again.

Related

Given the current market uncertainties, SHIB holders will be keeping a close eye on whether this recovery signal develops into a sustained uptrend or simply turns out to be a temporary bounce. To truly kickstart a new uptrend for Shiba Inu, breaking above the 50 and 200 moving averages, currently at $0.0000142 and $0.0000191 respectively, would be a key indicator.