Crypto: Shiba Inu Set to Rebound with New Fiat Conversion Service

The Shiba Inu’s birthday, celebrated on August 1, did not generate the expected enthusiasm in the crypto sphere. Despite efforts, SHIB is struggling to regain ground. However, behind this facade of disappointment, technical indicators suggest a possible rebound. Recent initiatives, such as the launch of a service for converting traditional currencies to SHIB, as well as strategic accumulation by large holders, offer encouraging signs for the future of Shiba Inu.

Shiba Inu: A promising future with renewed momentum

The Shiba Inu, though still struggling in a generally bearish market – down 72% since its last peak in July, shows signs of resilience. The recent introduction of a service for converting traditional currencies to SHIB, developed in partnership with fintech company Wert, could well give the crypto a second wind. And yet, the whales fled, and Shiba Inu was collapsing.

This initiative allows users to buy tokens such as BONE and USDC via Visa or MasterCard, thereby facilitating access to Shiba Inu and its ecosystem.

With an increase of 1.7% in a single day, SHIB shows a certain resilience.

The development team also presented an impressive 25,000,000% price increase for SHIB since its launch, enough to pique investor interest.

The whales, those large crypto holders, seem to have sniffed out a good deal. Over the past 48 hours, they have accumulated an additional 161.15 billion SHIB, thereby increasing demand and hinting at short-term upside potential.

Crypto: SHIB at a crucial crossroads

Despite these positive developments, Shiba Inu finds itself at a decisive crossroads. Data indicate that SHIB is moving in an ascending channel, a sign of potential rebound in a generally bearish market.

However, for this rebound to materialize, the crypto must first overcome significant resistances, notably around $0.00001394 and $0.00001553.

The current low volatility of SHIB indicates indecision among investors. However, an increase in volume could signal an upward movement.

According to Coinalyze analyses, open interest (OI) for SHIB is gradually increasing, which could indicate growing buying pressure.

“WOOF” joked Shytoshi Kusama during a recent conference, alluding to a possible price explosion for SHIB, BONE, and LEASH.

Investors should closely monitor the $0.00001553 threshold. A breakthrough could pave the way for a new push towards $0.00001700, while a failure could bring SHIB back to its key supports at $0.00001300 and $0.00001100.

The recent indicators announcing a comeback and the innovative initiatives around Shiba Inu suggest a possible robust return for this emblematic crypto.