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Shiba Inu is trading in the same direction as Bitcoin and the broader market. This is a positive sign as buying volumes across the market are rising.
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Shiba Inu is also strengthening its fundamentals, including development work on its metaverse project.
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Shiba Inu managed to overcome resistance at the 100-day moving average, pointing to increased buying pressure.
In 2021 Shiba Inu (SHIB) made headlines: within a year of its launch the token surged by 48,000,000%. Today, anyone who invested just $100 in SHIB at the start of 2021 would have become a multi-millionaire. Given the current bearish market conditions, however, many investors wonder whether SHIB is still worth buying in 2022. The short answer is: yes.
Like most assets, Shiba Inu’s price has been pressured in recent months, so its decline is not unique. SHIB’s price typically moves in line with the wider crypto market, which means that once the overall market regains momentum, SHIB is likely to follow and climb higher as well.
Importantly, bullish momentum appears to be building across the market. For example, Bitcoin has been strengthening over the past several days. Even though buying volumes remain relatively low, Bitcoin has managed to hold above the $40,000 support level, and that has helped lift SHIB and many altcoins alongside it. If Bitcoin resumes an upward move from current levels, SHIB could rise in tandem.
Beyond market action, the Shiba Inu team continues to work on increasing the project’s intrinsic value. One notable area of development is the metaverse — progress there could significantly enhance SHIB’s long-term utility and value.
SHIB cleared the 100-day moving average
Source: TradingView
Over the past 24 hours SHIB experienced a bullish reversal and cleared resistance at the 100-day moving average, around $0.00002284. If bulls can sustain momentum and push above the 50-day moving average near $0.00002348, Shiba Inu could realistically target levels above $0.00002700 in the short term.
Conclusion
With buying volumes on the broader market rising, Shiba Inu appears well positioned to strengthen in the near term. In addition to favorable price dynamics, ongoing development efforts such as the metaverse project could support SHIB’s value over the longer term.