Shiba inu Coin (SHIB) fell 1.51% on Wednesday. After partially reversing its 6.56% rally from Tuesday, SHIB stock ended the day at $0.00000912. SHIB closed the day at $0.0000090 for the second time since December 13, ending a five-day winning streak.
After a bearish morning, SHIB stock dropped to a mid-afternoon low of $0.00000865. After finding support at the first major support level (S1) at $0.00000864, SHIB rose to a late high of $0.00000927. However, when SHIB failed to reach the first major resistance level (R1) at $0.00000977, SHIB fell back into the red.
SHIB investors invest in profits ahead of Shibarium’s upgrade
There were no further updates from the Shiparium Network on Wednesday to snap a six-day winning streak. Profit taking resulted in only the second loss in the year.
However, the indices are still bullish, with the Shibarium upgrade potentially pushing SHIB north. While improved transaction speeds and lower fees are a plus, Shibarium SHIB’s post-burn rates will provide price support.
DOGE tracked the broader cryptocurrency market, spurred by hopes of weak inflation in the United States, which fueled demand for riskier assets. DOGE also succumbed to profit taking before recovering in the last hour. There have been no network updates after the launch of the Dogecoin Foundation Development Fund to provide guidance.
Today, market sentiment towards the respective networks will continue to give direction, with technical indicators also flashing bullish. However, the US economic calendar will also affect buyer appetite. The focus is on the US CPI report and the weekly jobless claims data.