Should you buy Shiba Inu as the token awaits the metaverse call
With raving news around the NFT marketplace and the metaverse, it seems this evolution of the crypto world will leave a mark on most other digital currencies. And making Shiba Inu an exceptional identity of the metaverse world, which would impose a great focus on its asset value.
Following a tweet from the Shiba Inu Twitter page on January 24th, 2022. The Shiba Inu network announced their recent plan for joining the metaverse with a giant epithet that replaced the suffix “A” alphabet with a new term that represents the actual metaverse description known as “verse”. Shibaverse has been coined from the commonly known original Shiba Inu token popularly recognised name.
While there might be joy coming through the end of the news. However, the Shibaverse autonomy does not purely associate with the original Shiba Inu blockchain. Instead, both Shibaverse and Shiba Inu tokens are not under similar developers. Though the effect of the announcement can spark buying interest in the native Shiba Inu Trading ecosystem. Thereby, causing its value to gain positive attraction upon the arrival into the metaverse.
Technical levels to watch before buying Shiba Inu
And with the recent sell-off the cryptocurrency market had undergone in the past few days, this should at least ring a buying signal in the ears of the market players.
Source – TradingView
From the hourly chart, an oversold market condition could trigger the action of bulls towards pushing the price of Shiba Inu (SHIB) Above the $0.00001972 initial support and drive the price of the market to hit near-term resistance at $0.00002598. Similarly from the daily price chart small body candlestick patterns are moving sideways, meaning a good expression that signals the best time to long the assets. Alongside in relation to the oversold condition, the market has experienced recently, printing a range-bound price action above the support affirm a good time to buy Shiba Inu tokens.
Final thoughts
To prevent the price from retesting the $0.00001972 horizontal support. A decent approach to the market will be to go long and create an exit point along with the $0.00002598 resistance.
