Shiba Inu (SHIB) Breaks Key Resistance, Is Worst Over?

The broader digital currency ecosystem has continued consolidating, with Shiba Inu (SHIB) in the spotlight. The digital currency has wriggled away from its lowest price mark in the past 24 hours, signaling signs of an early rebound. The meme coin remains on the radar as the market witnesses its mixed signals.

Shiba Inu rebound and sell-off trend

Per data from CoinMarketCap, Shiba Inu’s price changed hands for $0.00001604 at the time of writing. From a daily low of $0.00001518, the meme coin has broken a key resistance level at $0.00001539 as it pushes to pare off its weekly losses.

Despite falling by 2.08% in the past 24 hours, SHIB’s price remains fairly good over the past week. The token jumped by 10.89% within this period, signaling a decisive rebound from the bearish position recorded in the past week. With this conflicting price action, whether SHIB’s price can maintain support above the $0.000016 level remains unclear.

Other metrics, like daily trading volume, have shown little hint of the token’s prospects. As of writing time, this metric is down by 71% to $265.41 million, proof of dampened buying interest on the market. Unless this trend changes, the worst may not be over for SHIB as the price speculates.

Shiba Inu anchors to watch

Amid the quest to pare off its losses, Shiba Inu has maintained a good whale outlook over the past week. As reported earlier by U.Today, on Feb. 7, more than 3.3 trillion SHIB moved between anonymous wallets.

This transaction marks one of many recorded in the past week. It shows the extent to which large buyers are invested in Shiba Inu. If sustained again this week, sentiment for the token could shift positively overall.

The SHIB burn rate has also maintained a positive outlook in the trailing seven-day period. With these network trends signaling a reduction in SHIB’s circulation, sustained price action may trail the token moving forward.

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