After a challenging start to February, Shiba Inu (SHIB) has shown impressive signs of recovery, gradually bouncing back from its recent slump. Following a sharp market downturn caused by fears of an impending trade war, the crypto market experienced widespread liquidations, but SHIB has managed to regain its momentum.
Currently priced at $0.00001670, SHIB has risen by 3.62% over the past 24 hours, demonstrating a steady recovery as market conditions stabilize. The altcoin’s market cap stands at $9.84 billion, with a trading volume of $271.55 million, which has increased by 32.59% in the last 24 hours. This indicates heightened investor interest, as the coin starts to recover from its lows earlier this month, where it found support at $0.000014.
Technical indicators further confirm the bullish shift. The Relative Strength Index (RSI), which had previously dipped into the oversold zone, has now recovered, signaling improving market sentiment. Additionally, the Moving Average Convergence Divergence (MACD) has made a bullish cross, signaling the potential for continued upward momentum. As long as the MACD histogram maintains higher highs, SHIB is poised to break through key resistance levels at $0.000018 and potentially even hit $0.000020 in the near future.
With a circulating supply of 589.25 trillion SHIB and a total supply of 589.5 trillion, the token’s price recovery is especially noteworthy, as it hints at possible long-term growth for the coin. Investors will be watching closely to see if SHIB can maintain its momentum and further capitalize on the current bullish market.
As of now, Shiba Inu shows promising signs of recovery, and if this upward trend continues, it could pave the way for a stronger market presence. Stay tuned for more updates on SHIB’s price action.
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