Tag: Shiba
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Shiba Inu (SHIB/USD) surges 6% amid positive developments, metaverse prospects
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Shiba Inu token rose 6% on Monday amid listings on exchanges
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The Shiba Inu team is expected to speak on the Metaverse project on December 5
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The cryptocurrency faces rejection at the 50-day moving average
Shiba Inu (SHIB/USD) rose more than 6% on Monday before sliding slightly. That comes even as Shiba Inu continues to get listed on major exchanges. The latest is the listing by Bitcastle Exchange. SHINB will join other altcoins Dogecoin, Solana, and XRP on Bitcastle.
The cryptocurrency news followed another one at the end of November. That New York based Uphold will support Bone ShibaSwap. BONE is particularly important to the Shiba Inu ecosystem. It enables members to vote on new project proposals. Earlier, Indian-based platform SunCrypto also announced support for the Shiba Inu’s governance token. The support saw increased trading volume, with the token already growing in popularity.
If you are wondering why there is increased social interest in BONE, here is the answer. The Shiba community continues to wait for the Shibarium update. That would see the shift from Ethereum’s ERC-20 token to an independent network. The end of Shiba Inu’s dependence on Ethereum is expected to boost the price of native tokens. Thus, investors are adding BONE in anticipation of a boom when the upgrade occurs.
Shiba Inu metaverse is another much-anticipated development. On December 5, Shiba Inu is expected to present its Metaverse project at the Immerse Global Summit. The summit features top organisations such as Meta, Microsoft, and Walmart. The Shiba Inu community will want a peek at what the conference holds regarding the metaverse dream. But how bullish is SHIB after the latest gains?
SHB shifts above the RSI midpoint
The RSI shifted above the neutral reading of 50 as buyers pushed the token’s price higher. The meme cryptocurrency has also recovered above the 20-day MA.
However, from the daily chart outlook, bulls find it hard to break above the 50-day MA barrier. The rejection is confirmed by a slight correction in the price of SHIB as it surged.
What next for SHIB?
SHIB price could ride on the bullish momentum, but buyers must break the 50-day MA barrier first. The established resistance for the cryptocurrency lies at $0.000012.
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.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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Should you buy Shiba Inu (SHIB/USD) as whale accumulation intensifies?
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Shiba Inu has recovered 11% in a week.
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Shiba Inu token has witnessed increased activity amid improving altcoin sentiment.
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SHIB is still bearish and could remain vulnerable to $0.0000075.
Shiba Inu (SHIB/USD) large investors are defiantly transacting the token against the prolonged bear market. November 28 WhaleStats data showed that SHIB was among the top 10 cryptocurrencies by trading volume among the biggest Ethereum whales. IntoTheBlock data also showed that large transactions on the Shiba Inu network had increased by 141% in the last 24 hours.
A spike in trading volumes and transactions indicates traders are buying or selling SHIB aggressively. However, a price outlook of SHIB shows the cryptocurrency has gained an intraday of 2.24% and 11% in a week. It suggests that large investors could, in fact, be buying the meme cryptocurrency.
The whale activity on Shiba Inu comes when Santiment data shows growing interest in altcoins. According to the data, Euphoric sentiment has hit a 3-month high for altcoins. As CoinJournal reported, Dogecoin was leading the surge on Musk news. The gains in SHIB reflect the improved sentiment, with the meme cryptocurrency known to follow DOGE moves.
SHIB price outlook and analysis amid weekly recoveries
On the technical side, the SHIB price is still in a bear market. The MACD indicator has initiated a bullish crossover but remains bearish. The RSI reading of 45 is well below the midpoint.
Besides, recent recoveries have taken SHIB to slightly above $0.000009. However, bulls are yet to recapture important levels. We consider a bearish view for SHIB in the short term.
When to buy SHIB?
SHIB price remains vulnerable as long as buyers do not recapture $0.000012. The level is the established resistance and a focal point for the SHIB trend pivot.
Even as the price recovers slightly, the upside is weak, meaning sellers could try to push the token lower again. In a bear scenario, SHIB could find support at $0.0000075. This is the same low as June before the cryptocurrency initiated a recovery.
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.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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Is Shiba Inu (SHIB) now bullish after an 8% surge?
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 levels
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
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.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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Is it now the time to buy Shiba Inu (SHIB/USD)?
As cryptocurrencies continue to whipsaw, Shiba Inu (SHIB/USD) has been in the trenches. With a drop of more than 6% in a week, the cryptocurrency now trades at $0.0000092. A dip-buyer could be interested in the price level. That considers that SHIB has been holding it since touching a low of $0.000008 for a week.
The main concern for SHIB and other cryptocurrencies has been a confidence crisis brought about by the collapse of FTX. The sentiment is so far bearish as most tokens are currently trading lower. Other than that, SHIB has been building on the meme token strengths and looked to have overcome resistance at $0.000012.
Aside from the negative sentiment, Shiba Inu continues to suffer from the lack of significant developments. Notable among these is the SHIB metaverse, which has stalled for a while. On November 16, however, the Shiba Inu team issued some positive updates. The team gave a first concept art reveal of what to expect once the metaverse becomes a reality. Although the update reawakens expectations of the key project, SHIB investors are yet to show optimism. The price of the meme token has remained muted.
SHIB price outlook amid a bear market
Technically, SHIB is under pressure despite buyers having defended $0.000008. The level does not coincide with a support zone, and the cryptocurrency will likely fall further.
The RSI reveals that SHIB is not yet oversold, although there are more sellers. The indicator shows a downside on SHIB. The meme token also trades below the moving averages.
SHIB prediction
Shiba Inu’s price could fall to the yearly lows of around $0.000007 if the current weak sentiment continues. The level coincides with support, meaning we will likely see a lower price. The cryptocurrency doesn’t present an attractive buy.
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.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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Is Shiba Inu (SHIB/USD) bull run over? Here is the technical outlook
Cryptocurrencies continue to slide in a new week despite enthusiasm settling in previously. Shiba Inu (SHIB/USD) is one such cryptocurrency that posted massive gains. That allowed SHIB to overcome $0.000012 resistance, a key level that has always been watched as a price pivot. Consequently, SHIB went higher to a nearly 3-month high of $0.000015 on October 29.
At $0.000010, SHIB has suddenly become bearish. That comes after a key technical level at $0.000012 failed to hold. The losses come amid concerns about huge amounts of SHIB being moved from the embattled FTX exchange. Etherscan data showed that whales transferred almost 1.5 trillion SHIB from the FTX exchange. The movement coincided with a nearly 10% price decline in SHIB on the same day.
SHIB slides below the $0.000012 support as weakness mounts
Source – TradingViewA technical outlook shows SHIB trending down after bulls failed to hold firm the $0.000012 level. The price has also lost the 20-day and 50-day moving averages, underlining increasing bear pressure.
The relative strength index shows a sharp selloff. The token is yet to hit the oversold levels, with the reading below the midpoint.
What next for SHIB?
Shiba Inu is currently under the control of bears. A weak momentum and bearish indicators reinforce a further drop in the price.
The area around $0.000008 is the next to watch should bulls fail to arrest the current weakness in SHIB. If bulls enter positions, SHIB price could rise to find resistance at $0.000012 again. A potential bullish momentum will be confirmed by a price recovery above the $0.000012 resistance.
Buyers should keep off SHIB for now until a proper bull confirmation. However, surprise recoveries on new developments should be monitored as SHIB is already known for that.
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.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
SHIB/USD Chart by TradingView