2022-11-24 20:15 |
Shiba Inu (SHIB/USD) made an intraday 8% gain on Wednesday to trade at $0.000009. The rise reflected a slightly improved crypto sentiment. Most cryptocurrencies were trading in the green territory, with Bitcoin and Ethereum up 5% and 7%, respectively. However, there are some notable developments for the Shiba Inu network.
On November 22, Shiba Inu lead developer Shytoshi Kusama reported positive cryptocurrency news. In a Twitter post, Kusama said that Shiba Inu had been invited to work with the World Economic Forum on global policy. That potentially means a metaverse-related one, with Shiba Inu already entering the space. The post solicited views from the Shiba community on whether cryptocurrency should work with the global body. An overwhelming 65% of respondents supported the idea.
Onboarding the WEF is positive for Shiba Inu as it works to build a real utility for its meme-labelled cryptocurrency. The development is, of course, long-term, and it needs waiting to see how it unfolds. Meanwhile, the amount of SHIB held by Ethereum’s largest whales has fallen below $70 million. However, the number of SHIB token holders recently increased by 6,000. But how bullish is the meme token?
SHIB is recovering from near-oversold levelsSHIB/USD Chart by TradingView
The general trend for SHIB is bearish on the daily chart. The MACD indicator shows bear momentum, although the weakness has slightly cooled off.
SHIB is also recovering from a near-oversold RSI reading of 35. Each time SHIB has approached this level, the token has recovered or consolidated since June. Still, the current RSI reading of 41 is below the midpoint, signalling that sellers are still many.
How sustainable is SHIB recovery?A recovery near the oversold region is positive for SHIB price. However, the trend is still bearish, and SHIB is vulnerable. For sustainable gains, SHIB must overcome a minor resistance at the $0.000009 trading level. A recovery above this level will keep $0.00001 and $0.000012 levels in sight.
If SHIB fails the potential recovery, the level around $0.000007 will be the likely support to the downside.
Where to buy SHIB eToroeToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Buy SHIB with eToro today Disclaimer
BitpandaBitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.
Buy SHIB with Bitpanda today
The post Is Shiba Inu now bullish after an 8% surge? appeared first on CoinJournal.
Similar to Notcoin - Blum - Airdrops In 2024
SHIBA INU (SHIB) на Currencies.ru
|
