Crypto Market Stabilizes Amid Signs of Improvement

While it's still too early to call a bullish reversal in the market, there are signs of improvement for many assets. Shiba Inu (SHIB) is making an effort to stabilize after a strong recovery impulse that pushed its price above a local resistance cluster. However, buyers soon faced selling pressure, and the daily high was rejected.

Technically, SHIB remains below its 200-day and 100-day moving averages, which characterize a general bearish trend. The first significant obstacle for bulls is the 50-day moving average at $0.00000500. Despite strengthening momentum, as indicated by rising shorter-term moving averages and an RSI rebound to around 58, buyers will likely benefit in the near future.

The asset's trading volume has decreased significantly following the recent spike, suggesting that traders are holding off on making further capital commitments until they have confirmation of a trend reversal. SHIB might continue moving sideways below resistance if there isn't fresh buying activity.