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Shiba Inu surges 6% amid positive developments, metaverse prospects. What next?

  • Shiba Inu token rose 6% on Monday amid listings on exchanges

  • The Shiba Inu team is expected to speak on the Metaverse project on December 5

  • 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

SHIB/USD Chart by TradingView

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

OKX

Buy SHIB with OKX today

Buy SHIB with BINANCE today

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 12/6/2022

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