The cryptocurrency market has been bullish so far this week, with major cryptocurrencies like Bitcoin and Ether now trading new key resistance levels. Shiba Inu (SHIB), one of the leading memecoins in the market, is also approaching a key resistance level. It is currently trading above $0.0000060 at press time on Thursday and could rally higher in the near term. However, on-chain data metrics suggest a bearish outlook, as a surge in dormant wallet activity alongside spikes in the Network Realized Profit/Loss (NPL) indicator and trading volume. Traders are now approaching the market cautiously as downside risks appear to outweigh short-term recovery. SHIB soars, but on-chain data remains weak SHIB is up 4% and is now trading at $0.00000611.
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