The popular meme cryptocurrency Shiba Inu (SHIB) is showing signs of recovery as aggressive selling within its ecosystem begins to subside. According to data from 21milyon.com, SHIB is trading at $0.000009605, indicating a balanced growth rate where bullish actions are matching those of the bears.
Shiba Inu’s trading volume is exiting the decline zone, with a 1.3% increase over 24 hours to $108,181,442. On-chain analyses suggest that if bulls exert slightly more pressure beyond current whale movements, SHIB could easily transition into a bullish zone.
The token’s Relative Strength Index (RSI) on the daily chart is at 46, signifying a neutral zone with potential for shaping a bullish trajectory with additional buying frenzy. The Moving Average Convergence Divergence (MACD) indicator also flashes signs of the MACD line wanting to cross above the signal line, possibly indicating a strong upward movement.
Investors are striving to break through the $0.00001 resistance level as Shiba Inu recovers from recent losses. This effort is marked by inconsistency in the broader market, which is witnessing Bitcoin‘s consolidation between $42,000 and $43,500.
Shiba Inu’s initiative is somewhat masked by a decrease in transaction volume and a slowdown in burn rate, along with the daily transaction count of Shibarium. These are indicators of the network’s health and could signal impressive bullish changes as part of the ongoing revival pressure. Overall, Shiba Inu bulls might be preparing for the next major push, awaiting a minor catalyst to achieve this goal.