Shiba Inu (SHIB/USD) posted an 8% intraday gain on Wednesday, trading at $0.000009. The increase reflected slightly improved crypto sentiment. Most cryptocurrencies traded in the green area, 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 Shiba Inu had been invited to work on global policy with the World Economic Forum. That may mean a metaverse-related one, with Shiba Inu already entering 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.
Embarking on the WEF is a positive for Shiba Inu as it works to build a real utility for its meme-tagged cryptocurrency. The development is of course a long one and it remains to be seen how it unfolds. Meanwhile, the amount of SHIB held by Ethereum’s biggest 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 recovers from near-oversold levels
SHIB/USD chart by TradingView
The overall trend for SHIB is bearish on the daily chart. The MACD indicator shows bear momentum, although the weakness has cooled down somewhat.
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 value of 41 is below the midpoint, indicating that there are still plenty of sellers.
How sustainable is SHIB recovery?
A recovery near the oversold territory is positive for it SHIB price. However, the trend is still bearish and SHIB is vulnerable. For sustainable gains, SHIB needs to overcome 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 to survive the potential recovery, the level around $0.000007 will be the likely support for the downtrend.
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