The Shiba Inu token rose 6% on Monday amid listings on exchanges
Shiba Inu team expected to talk Metaverse project on December 5th
The cryptocurrency faces rejection at the 50-day EMA
Shiba Inu (SHIB/USD) climbed over 6% on Monday before slipping slightly. This comes even as the Shiba Inu continues to be listed on major exchanges. The latest is the listing by Bitcastle Exchange. SHINB will join other altcoins Dogecoin, Solana, and XRP on Bitcastle.
cryptocurrency news Another followed in late November. New York-based Uphold Bone will support Shibaswap. The bone is particularly important to the Shiba Inu ecosystem. It enables members to vote on new project proposals. Earlier, India-based platform SunCrypto also announced support for Shiba Inu’s governance token. The support saw an increase in trading volume, with the token already growing in popularity.
If you’re wondering why there’s been a surge of social interest in bone, here’s the answer. The Shiba community continues to wait for the Shiberium update. This will see Ethereum’s transition from an ERC-20 token to an independent network. The end of Shiba Inu’s dependency on Ethereum is expected to propel the price of the native coin. Thus, investors are piling up bonds in anticipation of a bounce back on the upgrade.
The Shiba Inu Metaverse is another highly anticipated development. Shiba Inu is expected to present his Metaverse project at the Immerse Global Summit on December 5. The summit includes top organizations such as META, Microsoft and Walmart. The Shiba Inu community wants to take a look at what’s at the conference about the Metaverse dream. But how bullish is SHIB after the latest gain?
SHB RSI shifts above the midpoint
The RSI has moved above a neutral reading of 50 as buyers pushed the coin price higher. The Mayhem cryptocurrency has also risen above the 20-day MA.
However, going by the daily chart outlook, the bulls are finding it difficult to break the 50-day MA barrier. The rejection was confirmed by a minor correction in SHIB price as it moved up.
What next for SHIB?
shib price May ride bullish momentum, but buyers need to break above 50-day MA barrier first. The established resistance for the cryptocurrency lies at $0.000012.
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