Is SHIBerse a Real Catalyst for Shiba Inu?
Shiba Inu gained some upside momentum after it announced that the name of its Metaverse (SHIBerse) would be revealed in the next few days.
Shiba Inu Rebounds Together With the Whole Crypto Market
Metaverse became a very hot topic after Meta Platforms (which was previously known as Facebook) revealed its plans to bet heavily on digital worlds.
Shiba Inu developers have joined the trend and are ready to announce the name for the upcoming Metaverse:
In the next few days we will be revealing the name selected for our Metaverse, Codename: #SHIBerse. 🌳
We are excited share the official name of the Metaverse Project with all of you! Woof! 🐶
— Shib (@Shibtoken) January 25, 2022
Interestingly, there was no special reaction to the announcement. While Shiba Inu has bounced back from recent lows, the move was driven by the broad rebound in crypto markets. Bitcoin moved from the $33,000 level to the $38,000 level, and other cryptocurrencies followed.
From a big picture point of view, the leading meme coins, Shiba Inu and Dogecoin, remain in a downside trend. I’d note that meme stocks like GameStop or AMC have also lost a lot of ground in recent months, suggesting that traders may be losing interest in the “meme” topic.
This is a major threat to meme coins as their success is dependent on the constant growth of their popularity. In case the market switches to other topics, Shiba Inu will move lower.
A Move Above $0.00002250 Will Push Shiba Inu Towards $0.00002350
Shiba Inu is currently testing the resistance level at $0.00002250. In case this test is successful, Shiba Inu will move towards the next resistance which is located at $0.00002350. A move above this level will open the way to the test of the resistance at $0.00002550. If Shiba Inu gets above $0.00002550, it will head towards the next resistance level at the 20 EMA at $0.00002620.
On the support side, the nearest significant support level for Shiba Inu is located at $0.000020. In case Shiba Inu declines below this level, it will head towards the next support at $0.00001860. A move below this level will push Shiba Inu towards the support near recent lows at $0.000017.