u.today
Shiba Inu bulls have staged a mild comeback for the digital currency after more than a week-long SHIB sell-off. While still not out of the woods yet, the price of Shiba Inu was changing hands for $0.00000125, up by 2.87% in the past 24 hours, per CoinMarketCap data. Key Shiba Inu metrics suggest a rebound, however, the token is deep into a death cross, casting doubts on the latest trend formation.
Breaking Shiba Inu death cross formation
The Shiba Inu ecosystem is yet to fully break free as current trading volume is down by 18.69% at press time to $186,430,314.18. While this metric shows sentiment is not as bullish as projected, the latest SHIB burn rate, which rallied over 27,600%, proves a mixed outlook.
Despite the latest price uptick, Shiba Inu remains in the death cross zone it formed on Feb. 20. With a wide divergence between the 50-day and 200-day moving averages, the prospect of SHIB regaining its bullish trend depends on sustained growth over time.
With fluctuations on the broader market that have seen other altcoins trading low, Shiba Inu now depends solely on its internal ecosystem potential. Should community updates on SHIB utility increase, it might reboot investor sentiment to go long on the token.
In its rebound push, the key support level is pegged at $0.0000118, while bulls will need to watch the resistance price point at $0.000013.
SHIB and meme coin ecosystem
Shiba Inu is not alone in the bearish drawdown it recorded over the past month.
Most meme coins are facing similar negative twists, including Dogecoin. While DOGE Open Interest is often changing per interest level in the general market, the top coin is still down over 15% in seven days and by more than 33% in the past month.
SHIB has a similar outlook, suggesting a sector wide-bearish trend. However, with internal upgrades and the push for ecosystem utility, Shiba Inu is considered a good candidate to stage a solo comeback and overcome its consistent price rejections.