Shiba Inu Price Action Shows Signs Of Life Following Metaverse Foray

Shiba Inu SHIB/USD was trading slightly higher Tuesday after announcing it would be entering into the metaverse with an immersive experience — presumably centered around an animated Shiba Inu dog character.

Later in the afternoon, the crypto announced it would be revealing the name of its metaverse over the coming days. The project was given the code name Shiberse.

The crypto had been in a long-term downtrend, tumbling about 80% from the Oct. 28 all-time high of $0.00008894 to a low of $0.00001700 on Jan. 22.

The latter area may have marked the bottom for Shiba Inu. Since that date, the crypto has reversed into an uptrend, which was confirmed with a higher low on Monday.

See Also: How to Buy Shiba Inu Coin

The Shiba Inu Chart: Shiba Inu’s most recent high was printed Sunday at the $0.00002370 mark. If the crypto is set to continue in the uptrend, it will need to pop up above that level to print a higher high over the next day or two.

• If the Shiba Inu is able to rise above that level, it will regain support at the eight-day exponential moving average (EMA), which would turn near-term sentiment bullish. The crypto would then need to regain support at the 21-day EMA to force the eight-day EMA to rise up and cross above the 21-day.
• Tuesday’s price action has formed the crypto into an inside bar on the daily chart, which leans bullish because Shiba Inu was trading higher before printing the pattern. Traders can watch for a break either up or down from Monday’s mother bar to gauge future direction.
• Shiba Inu’s relative strength index (RSI) indicates the crypto could see at least a bounce because it is measuring at about 31%, which is near oversold territory.
• The crypto has resistance above at $0.00002333 and $0.00002958 and support below at $0.00001734 and $0.00001349.