Is Shiba Inu (SHIB) now bullish after an 8% surge? – Crypto News – Crypto News
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Is Shiba Inu (SHIB) now bullish after an 8% surge? Is Shiba Inu (SHIB) now bullish after an 8% surge?

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Is Shiba Inu (SHIB) now bullish after an 8% surge? – Crypto News

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3 years ago

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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 has recently increased by 6,000. But how bullish is the meme token?

SHIB is recovering from near-oversold levels

SHIB/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 cooled off slightly.

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, signaling that sellers are still many.

How sustainable is SHIB recovery?

A recovery near the oversold region is positive for To install 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 the $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

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy SHIB with eToro today

bitstamp

Bitstamp is a leading cryptocurrency exchange that offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company that offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy SHIB with Bitstamp today

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