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After spending the last few weeks in the red zone, Shiba Inu coin price is starting the week in green with most trading platforms indicating the coin is up by at least 4%.
The majority of cryptocurrencies are also in the green zone with some such as bitcoin and bitcoin indicating a rise of 5% and 7% respectively.
This is a strong indicator the bear market could be coming to an end with buyers taking over. For the last few weeks, sellers have been in control with Shiba losing 0ver 50% of its prime price. Recently, most analysts have been predicting an imminent reversal based on the indicators and price action analysis.
It is still early to correctly predict the strength of this bullish momentum. However, some key factors could help with the predictions.
Shiba Gaming Metaverse
The coin made a recent announcement on its intentions to join the gaming metaverse world. This is a key upgrade for the network and could put it up in competition with other coins such as Decentraland and Sandbox.
This announcement was made by the coin’s developer Shytoshi Kusama. They have also hired David Volk who is a veteran in games development with over 30 years of experience.
Joining the Metaverse is likely to boost the coin’s price as it gives it more utilization. It is exciting the market with investors growing confidence in the coins’ ability to gain value in the future.
The coins gaming journey started with the launch of NFT Tokens known as Shiboshis. They have been trading it the market since mid-October and are expected to become an integral element in the creation of the Shiba games.
The 1 Million Investors Threshold
Recently, the number of Shiba coin investors hit the 1 million mark indicating the coins are gaining popularity. A huge achievement for a coin that is less than 2 years old.
The huge number of investors brings with them huge demand that could be part of the reasons the coin is rising.
As an investment asset, a huge number of investors indicates market confidence not only at the current state but also in the future.
The majority of crypto investors are long-term in nature. Hence, this shows the sentiments are in favor of Shiba utilities helping the coin gain value going forward.
Most of the market indicators have been pointing to a possible Shiba Inu coin price reversal. The Stochastic indicator shows the coin is in an oversold position on the daily timeframe.
This indicates the seller’s momentum is losing strength giving way to the buyers. A combination of both technical indicators with candlestick patterns is key in giving potential market direction.
Shiba has already lost over 50% of its peak value last month. The coin is also sitting at the critical support zone. Previously, this area has acted as a resistance zone increasing the chances of a price reversal.
Market indicators have been in use for decades. Over time, they have become reliable market tools that traders use to make market decisions.
Hopefully, this is the beginning of another Shiba rally that could see it getting to new highs.
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