Shiba Inu profitability up following general market recovery and numerous teasers
Contents
Shiba Inu is continuously progressing after the start of the new year, and the profitability of the token has grown significantly, gaining more than 4% against the metric, with 1 in 5 holders holding the token at a profit.
Market recovery
Generally, on-chain and exchange data is back to green, showing that SHIB is not only making progress in the market, but attracting more investors and the fresh funds it has been desperately needing since November.
At one point, Shiba Inu’s profitability dropped to 13%, making it one of the lowest-profitable assets in the entire industry. Fortunately, the market hit the recovery pedal and gained around 7% of its capitalization, pushing back the bullish sentiment on the crypto trading community.
According to the composition of indicators on analytical charts like IntoTheBlock, Shiba Inu’s performance is relatively neutral and not yet showing signs of an extremely strong recovery as seen on assets like Lido or ZIL.
Technical analysis
From a technical standpoint, Shiba Inu has just reached the first resistance level on the chart, reflected in the 50-day moving average. It is not yet clear if the existing volume will be enough to push the price of the token higher, breaking the existing resistance level.
Realistically, the state of the market should be the main driver, if not the only driver, for Shiba Inu and other active memes. Unfortunately, we see the prevalence of sell orders on cryptocurrency exchanges, which is most likely a sign of active profit taking. However, without the noticeable reversal of the market, SHIB continues to progress.
