Is Shiba Inu (SHIB) now bullish after an 8% surge?

The Shiba Inu (SHIB/USD) rose 8% intraday at $0.000009 on Wednesday. The rise reflects a slight improvement in cryptocurrency sentiment. Most cryptocurrencies trade in the green space, with Bitcoin and Ethereum up 5% and 7% respectively. However, there are some notable developments in the Shiba Inu network.

Toshitoshi Kusama, lead developer of Shiba Inu, reports positive test on November 22nd Cryptocurrency news. In a post on Twitter, Kusama said that Shiba Inu was invited to work with the World Economic Forum on global policy. This post solicits input from the Shiba community on whether cryptocurrencies should work with international organizations. His 65% of respondents supported this idea.

The WEF onboarding is positive for Shiba Inu as they work to build real utility for meme-labeled cryptocurrencies. Of course, the development is long-term and we’ll just have to wait and see how it plays out. . However, the number of SHIB token holders has recently increased by 6,000. But how bullish are meme tokens?

SHIB recovering from near oversold levels

SHIB/USD chart by TradingView

The general trend for SHIB is bearish on the daily chart. The MACD indicator shows bearish momentum, but the bearishness has cooled slightly.

SHIB is also recovering from a near-oversold RSI reading of 35. Every time SHIB approaches this level, the token has either recovered or strengthened since June. is below the midpoint, indicating that there are still many sellers.

How sustainable is SHIB recovery?

Recovery near oversold territory Shiv price. However, the trend remains bearish and SHIB is vulnerable. For sustained gains, SHIB needs to overcome minor resistance at the $0.000009 trading level. A recovery above this level would keep the levels above $0.00001 and $0.000012.

Levels near $0.000007 could provide support on the downside if the SHIB fails its potential recovery.

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