Crypto News

Shiba Inu (SHIB) despite positive developments in bearish territory

Shiba Inu (SHIB) stands despite strong fundamentals due to the slump in the market leader Bitcoin, which weighs heavily on investor sentiment ahead of the Christmas season, remains under strong downward pressure despite strong fundamentals. At the time of writing, SHIB / USD trading at around $ 0.000031.

After a brief surge and a weak attempt to recapture the $ 50,000 mark, the crypto king BTC has once again slipped below the $ 48,000 mark. The sluggish price movement in Bitcoin and other majors is also keeping SHIB prices down sharply.

In the fundamentals space, however, there are several promising developments that could potentially be cause for celebration for the holders of the Memecoin. Shiba Inu’s soaring popularity with retailers has resulted in it being listed on leading crypto exchanges around the world this week, including Spain’s Bit2Me, Taiwan’s BitoEX, and India’s Unocoin. These quotes are sure to attract more buyers to SHIB once market sentiment reverses.

Even if SHIB gets to other crypto exchanges around the world, its community received some disappointing news when Bitstamp announced that it would postpone the inclusion of the meme token on its platform until 2022. One of the oldest and most established crypto exchanges, Bitstamp attributed the delay to technical integration difficulties.

Further basics for supporting SHIB

It is encouraging that, meanwhile, an online petition by the SHIB Army demands that a massive cremation should soon become more important. Such a burn could reduce the number of Shiba Inu tokens in circulation from the current 550 trillion, a move that could increase their value. The developer of the memecoin had indicated that it would conduct such a significant token burning as its ecosystem prepares to invade the GameFi and Metaverse rooms soon.

An interesting report from the popular India-based crypto exchange WazirX shows an increasing preference for Shiba Inu coin as an investment option among its manufacturers. On the other hand, female users of the platform were more likely to have Bitcoin in them Portfolio to record. Shiba Inu has been the third most traded digital asset on the platform so far this year.

SHIB / USD technical analysis

On the SHIB / USD H4 chart, the moving averages, together with the leading technical indicators MACD and Momentum, point to a strong bearish trend. With the price of Shiba Inu well below the pivot point at $ 0.000039 and initial support at $ 0.000033, it is clear that the sellers are responsible for the price move.

SHIB / USD

The second resistance is at $ 0.000030 and SHIB isn’t far from that. We need to monitor this level closely as it could collapse if selling pressures continue to build.

Source: Crypto News Deutsch

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