Shiba Inu’s Technical Levels Show Room for a Bullish Move

• Shiba Inu is listed on 110 exchanges with 212 trading pairs on a worldwide scale.
• Lucie emphasizes that SHIB’s decentralized nature can be taken as a factor for growth.
• SHIB’s current technical levels suggest it might soon make a breakout in the market.

Shiba Inu is now listed on over 110 exchanges with 212 trading pairs, including major platforms such as Binance, Upbit, and Coinbase Pro. This presence in the market improves SHIB’s liquidity and provides seamless access to a global pool of investors. The token’s widespread availability across diverse exchanges not only increases its credibility but also attracts institutional and retail traders, helping build SHIB’s market stability and growth. 

Shiba Inu’s marketing lead, Lucie, recently highlighted the token’s readiness for an Exchange-Traded Fund (ETF). In her post, Lucie asserted that SHIB is not just a memecoin but rather a decentralized, community-driven asset with a long-term, sustainable vision. According to Lucie, its presence on over 110 exchanges and 212 trading pairs, including SHIB/USDT and SHIB/BTC, supports SHIB’s claim to an ETF. 

Decentralized and Self-Sufficient: SHIB’s Long-Term Value Proposition

Lucie accentuated again the decentralized paradigm of the SHIB, which makes it versatile and strong against any market fluctuations. She noted that with an open ecosystem, anyone could build upon SHIB, thus opening new avenues for innovation for the project. This independence can only bolster SHIB’s possibility for growth and acceptance in the crypto realm. 

According to the analyst, the promotion of decentralization would assist SHIB in attracting more investment that values the transparency and freedom that accrue to decentralized assets Although SHIB has not yet filed an ETF application, the token’s prospects for ETF approval remain promising. This is especially true after the SEC’s recent decision to clarify that meme coins, such as SHIB, are not considered securities.

Related: What Are The Odds For Shiba Inu (SHIB) To Experience A 12X Surge?

Technical Analysis and Price Action Insights

Shiba Inu trades at $0.00001312, reflecting a 1.23% increase in the last 24 hours. According to a recent analysis, the token has established strong support at $0.00001299, a Fibonacci level (0.382).  The potential resistance points extend to $0.00003221 (1.0), which aligns with the upper range of the previous price action.

When looking at the indicators, the Relative Strength Index stands at 39.47, indicating a low market sentiment. Meanwhile, the MACD shows a bearish trend with the MACD line at -0.00000196 and the signal line at -0.00000098, though the histogram suggests a potential turnaround with the weakening of negative histograms. The 1.272 Fib sits at $0.00004067, while the 1.618 Fib targets $0.00005143, signaling a potential bullish run should momentum shift.

This market behavior aligns with the previously presented analysis, reinforcing the support and resistance zones. Should SHIB breach the 0.5 Fibonacci level ($0.00001666), it could establish a trend toward the upper levels, positioning it for growth. 

The post Shiba Inu’s Technical Levels Show Room for a Bullish Move appeared first on Cryptotale.