Shiba Inu Rebounds as Sentiment Improves, Support Holds at Key Level
Shiba Inu (SHIB) has been showing signs of recovery after finding support around its critical level earlier this week. As of Wednesday, SHIB was trading at $0.0000044, a slight increase from its previous dip.
The dog-themed meme coin's sentiment appears to be improving, with Santiment's Social Dominance metric reading 0.016% on Wednesday. This indicates that market interest and sentiment among SHIB investors are trending higher since August 16.
Derivatives metrics also show a bullish outlook for SHIB. CoinGlass' long-to-short ratio read 1.01 on Wednesday, indicating that traders are betting the asset's price will rise. Additionally, SHIB funding rates flipped positive on Tuesday, reading 0.0087% on Wednesday.
From a technical perspective, SHIB has found support around its daily support level at $0.0000043. If this level holds, SHIB could extend its recovery toward the 50-day Exponential Moving Average (EMA) at $0.0000046. However, if it closes below this level, it may correct toward the next key psychological level of $0.0000040.