Shiba Inu is trading in the direction of Bitcoin and the broader market. This is a good indicator as buying volumes are rising across the market.
Shiba Inu also has the support of its growing fundamentals, such as its Metaverse project.
Shiba Inu has already crossed the 100-day MA resistance, a pointer to rising buying volumes.
Shiba Inu (SHIB) made history in 2021 after it recorded gains of 48,000,000% just a year after launch. Today, anyone who put in just $100 in SHIB in early 2021 is a multi-millionaire. However, with the market heavily bearish, it is only natural to wonder, is SHIB still a good investment in 2022? The answer is yes.
Like the rest of the market, Shiba Inu prices have been depressed for the past few months, so it is nothing unique to Shiba Inu. Besides, Shiba Inu’s price has been moving in tandem with the rest of the market, so you can expect SHIB to rise if the broader market gains upside momentum.
The best part is that bullish momentum seems to be on the rise in the broader market. For instance, Bitcoin has been gaining upside momentum in the last few days. While buying volumes are still relatively depressed, Bitcoin has managed to hold above the $40k support. This has also seen SHIB, and a host of other altcoins, gain upside momentum as well. If Bitcoin takes off from its current price, SHIB could rally as well.
Besides, the Shiba Inu team is working hard to add to the project’s intrinsic value. For instance, the team is currently building a Metaverse, a factor that will significantly add to the intrinsic value of SHIB going into the future.
SHIB breaks the 100-day MA resistance
Source: TradingView
In the last 24-hours, SHIB has been in a bullish reversal and has pushed through the 100-day MA resistance at $0.00002284. If bulls can sustain momentum and push through the 50-day MA at $0.00002348, Shiba Inu easily hit prices above $0.00002700 in the short term.
Summary
With buying volumes rising in the broader market, Shiba Inu has good prospects of rallying in the short term. Besides the price action, the Shiba Inu team is working on a Metaverse, which could help drive up the value of SHIB long term.
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