Shiba Inu Trying To Extricate From Bearish Grip As SHIB Seen Rising This Week

Christian Encila

2 years ago

3 mins read

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Since the beginning of August, Shiba Inu has been actively engaged in corrective activities. The meme coin has been distancing from its origins and has been highly effective with doing so. An actual use case for SHIB was just introduced last month when it became possible to use the token to settle tax obligations in the cryptocurrency space.

In January of this year, NOWpayments announced a partnership with Shiba Inu, opening the door for token payments to be used as crypto wages. This isn’t the only real world utility of SHIB per se.

Shib Eternity was also released worldwide as part of this ecosystem. Though the launch was made, the bear market continued to gain ground.

SHIB has been under strain due to recent macroeconomic events. With the latest interest hike by the US Federal Reserve, it can be argued that a recovery by SHIB will be challenging. Yet, SHIB has been gaining bullish momentum as of late. Is it possible that the deflationary token will be able to stop the falling prices eventually?

How SHIB Has Been Doing

The real-world performance of SHIB as of this writing has been fairly significant for the growth of the ecosystem. SHIB has been made more widely available in the cryptocurrency market with yesterday’s official listing on BitMEx. As a result of Google’s agreement with Coinbase, the token can also be used to pay for cloud services.

These factors will propel SHIB’s bullish breakout from the descending wedge it now resides in. As of the time of writing, the coin’s trading range is between $0.00000927 and $0.00001219. The momentum indicator suggests that bullish pace is progressively increasing.

Congratulations to @Google for partnering with @coinbase to Accept Crypto Payments for Cloud Services

Google will begin accepting crypto payments, $SHIB included in the list, for cloud services early next year via integration with Coinbase

Read more..https://t.co/UCkTnAeGYc

— Shib (@Shibtoken) October 15, 2022

Recent study indicates that these descending wedges are bullish since they typically result in a positive breakout. The fact that Chaikin’s money flow index is above the 0.05 level indicates that bulls rule the market.

The $0.00001018 support zone has also demonstrated some resilience after preventing a continuation of the downturn.

When Does The SHIB Breakout Occur?

The momentum and CMF indicators suggest the possibility of an uptrend. However, the RSI readings remain on the bears’ side, which could act as a hurdle for the forthcoming breakout. The RSI is currently approaching a bullish convergence, which is supported by increasing Stoch RSI values.

The future performance of SHIB will be determined by investor confidence. Given the increasing utility of SHIB in the real world, a price breakthrough over $0.00001219 is possible, with a likely test of $0.00001395 resistance. So SHIB holders, keep on HODLing!

SHIB total market cap at $5.4 billion on the daily chart | Featured image from Somag News, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.