Shiba Inu (SHIB/USD) nears a demand zone

Shiba Inu recovered 1.21% on Monday after a bearish move
The developers teased a “countdown,” as some fans speculate the Shibarium update
SHIB could touch the June lows next

Shiba Inu (SHIB/USD) gained 1.21% on Monday to trade at $0.0000087. The token is slightly recovering from a bottom price of $0.0000080 over the weekend. This is an important zone for SHIB, or rather, the cryptocurrency could touch a demand zone that was crucial to bulls in the past.

A historical price movement of SHIB shows that $0.0000072 is a potential demand zone for SHIB. At the height of a bear market earlier this year, SHIB settled at this zone in June before embarking on a strong recovery. The gains took SHIB to a high of $0.0000179 in August before another bear cycle followed. Amid the intraday gains, this is the next level to watch for SHIB.

Meanwhile, the Shiba Inu community is guessing about the Shibarium beta test. This was after a weekend tweet teased users with a “special countdown.” The countdown was still running down at 7 hours and 48 minutes as of press time. It is unclear what this countdown is all about, but users started to speculate on the Shibarium update. Others quashed it as a distraction to unimportant partnerships and hire.

As the “countdown” unfolds, Shiba Inu fans will keep their hands crossed that something important will pop up. Probably, this could coincide with reports that SHIB is alongside BTC and ETH, the most watched cryptocurrencies on Binance. But technical indicators show a potential further slump.

SHIB recovers slightly from an oversold level near the June lows

SHIB/USD Chart by TradingView

On the daily chart, SHIB is on a slight upside after touching a level slightly above the June lows of $0.0000072. The trend is still bearish, and a potential decline to June’s bottom could be on the card. The RSI reading is still below the midpoint, signalling a bear control.

When will SHIB become bullish?

The $0.0000072 could attract buyers again if bulls fail to capitalise on the current SHIB price recovery. This is the level to watch for bullish reversal signals.

Where to buy SHIB

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy SHIB with Binance today