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

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Shiba Inu (SHIB/USD) traded at $0.000009 with an intraday gain of 8% on Wednesday. The rise reflected slightly better crypto sentiment. Most cryptocurrencies were trading in the green zone, with Bitcoin and Ethereum rising by 5% and 7%, respectively. However, there are some notable developments for the Shiba Inu network.

On November 22, the report of Shiba Inu’s lead developer Shiotoshi Kusama came positive. cryptocurrency news. In a Twitter post, Kusama said the Shiba Inu had been invited to work with the World Economic Forum on global policy. Its possible meaning is related to the Metaverse, with the Shiba Inu already entering space. The post seeks the views of the Shiba community on whether the cryptocurrency should work with the global body. 65% of the respondents supported the idea.

Joining the WEF is a positive for Shiba Inu as it works to create a real utility for its meme-labeled cryptocurrency. The development is definitely long term, and needs to wait to see how it unfolds. Meanwhile, the amount of SHIB held by Ethereum’s biggest whales has dropped below $70 million. However, recently the number of SHIB token holders has increased by 6,000. But how fast is Mem Token?

SHIB recovering from almost oversold levels

SHIB/USD Chart by TradingView

The general trend for SHIB is bearish on the daily chart. The MACD indicator is showing bear momentum, although there has been a slight decline in weakness.

SHIB is also recovering from an oversold RSI reading near 35. Every time SHIB has approached this level, the coin has recovered or consolidated since June. Nevertheless, the current RSI reading of 41 is below the midpoint, indicating that sellers are still in abundance.

How durable is SHIB Recovery?

Positive for recovery near oversold area Shib Price. However, the trend is still bearish and SHIB is weak. For sustainable gains, SHIB needs to overcome the minor resistance at the $0.000009 trading level. A recovery above this level would keep an eye on the $0.00001 and $0.000012 levels.

If SHIB fails to recover, the level around $0.000007 will be a potential support on the downside.

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