Dog-themed Cryptocurrency Shiba Inu (SHIB) Rebounds

Dog-themed cryptocurrency Shiba Inu (SHIB) has climbed 8% in the past 24 hours, reversing an earlier sell-off at the start of the week. At the time of writing, SHIB was trading at $0.0000123, extending its rebound following four straight days of declines since the weekend.

Market Profitability

Currently, 101.42 trillion SHIB are in profit. According to IntoTheBlock’s Global In/Out of the Money, this classification shows:
– 34% of Shiba Inu addresses are profitable (in the money)
– 4% are breaking even (at the money)
– 62% are losing money (out of the money)

Broader Market Recovery

The overall cryptocurrency market is showing signs of recovery, with Bitcoin and Ethereum also trading positively. This momentum has positively affected altcoins like SHIB.

Inflation’s Impact

In February, the inflation rate was reported at 2.8%, lower than expected, providing a boost to cryptocurrency prices. The Bureau of Labor Statistics noted that the rise in goods and services prices was less than anticipated, easing inflation concerns for consumers.

Federal Reserve officials are monitoring these developments closely, with market expectations pointing toward interest rate cuts resuming in May. Shiba Inu has extended its rebound from lows of $0.0000108 on March 11, reaching highs of $0.00001261 today.

Future Resistance and Support Levels

If the positive momentum continues, SHIB may test key resistance levels, with a target aiming for $0.0000158 (daily SMA 50) and potentially $0.0000192 (daily SMA 200). However, sustaining these gains will likely depend on broader market trends and investor sentiment.

Should there be a price drop, support is anticipated at $0.000010.