Shiba Inu Recovery Methods Under Scrutiny: Annually, Losses Remain Prevalent
Shiba Inu Surges, Posts Positive Performance
Shiba Inu, the popular meme cryptocurrency, saw a significant surge on Monday, climbing from $0.00001239 to $0.0000129. This marks a 3.7% increase in the last 24 hours, pushing the digital coin to $0.00001286.
The rebound builds on a recovery from a low of $0.00001226 on Sept. 7. As a result, Shiba Inu is posting a positive performance on a daily and weekly basis. In fact, the cryptocurrency is up 5.6% weekly, according to CoinGecko data.
Despite the recent surge, Shiba Inu is still down on a yearly basis, with a yearly loss of 39%. However, it's worth noting that the digital coin has closed three out of four years since its inception in green, except for 2022. Shiba Inu saw a positive close in 2021 and 2023, and even posted a year-end gain of 104% in 2024.
Looking ahead, key resistances for Shiba Inu in the short term are at $0.0000135, $0.000014, and $0.00001597. A decisive breach above the daily moving averages 50 and 200 at $0.00001292 and $0.00001303 will be watched for SHIB to exit its current range and ignite positive momentum. Support for Shiba Inu remains in the range near $0.000011.
Meanwhile, the focus in the financial markets is shifting towards the upcoming events. The PPI release is scheduled for Wednesday, and core inflation data (CPI) is scheduled for Thursday. No new information about these events was provided. Additionally, a meeting is scheduled from the 16th to the 17th of this month, and investors are betting on a potential rate cut at the upcoming September meeting. However, no new information about the meeting was provided.
In terms of analysis, notable authors who have written about Shiba Inu include Paul Roth from Bitcoin2Go, who focused on Shiba Inu price predictions, and John Palmer from Cryptopolitan, who analysed Shiba Inu with a focus on market trends.
In conclusion, Shiba Inu continues to show resilience in the face of market volatility, with a recent surge pushing the digital coin to a new high for the month. While the cryptocurrency is still down on a yearly basis, its strong performance in the last few days and its history of positive year-end closes offer hope for investors. As always, it's important to do your own research and consider your own risk tolerance when investing in cryptocurrencies.
