News: Shiba Inu Included in Bitpay’s Payment Solution — SHIB Price Nears Flipping Key Resistance
Key Takeaways:
Bitpay announced the inclusion of Shiba Inu on its new payment platform.
SHIB’s price rallied nearly 22% in Aug but has failed to flip the $0.00001 resistance.
NEW DELHI (CoinChapter.com) — Meme token platform Shiba Inu has expanded its adoption with its inclusion as a payment medium in BitPay’s newly launched bill payments platform.
On Aug 8, Bitcoin and crypto payment service provider BitPay announced the launch of Bill Pay, a service that allowed crypto users to pay bills directly from their crypto wallets. The platform would help users make payments to over 5,000 service providers.
Furthermore, BitPay’s Bill Pay service would help users make bill payments without getting involved in any conversion process. The payment service has partnered with Method Financial to pull bills and liabilities in real time.
BitPay shared that Bill Pay users would be able to pay their bills using Shiba Inu’s SHIB token, along with other tokens like DOGE, BTC, ETH, LTC, APE, etc., along with nine other tokens.
Paying everyday bills without a bank account is a monumental step for the crypto and unbanked community. BitPay customers are some of the most prominent crypto spenders in the world, so we believe this will be a game-changing solution for both crypto users and service providers.
BitPay CEO, Stephen Pair, said.
SHIB Whales Gobble Up Tokens As Rally Continues
Meanwhile, the number of Shiba Inu whales has increased as SHIB’s price continued its nearly 8-week-long rally.
Large SHIB wallets, including those holding 100 million to 1 billion SHIB tokens and 1 million to 10 million SHIB tokens, have gone up in number. Furthermore, the number of relatively smaller wallets, called sharks, has increased as well.
The increase in the number of large holders suggests the Shiba Inu token has re-entered investors’ radars. Furthermore, Shiba Inu’s updates, including the upcoming launch of Shibarium, seem to have attracted both retail and institutional investors.
Shibarium launch could help the SHIB price flip the psychologically vital $0.00001 resistance.
SHIB Price Rallies Over 13% WTD
The Shiba Inu token price rallied over 13.6% from Aug 7’s low of $0.0000088, recovering its losses over the weekend. Moreover, the rally helped SHIB price flip its 200-day EMA (green wave) resistance into support near $0.0000093.
SHIB bulls would likely try to hold the token above the 200-day EMA support. If the Shiba Inu token price continues to rally, the token would face resistance near $0.0000103.
Breaking and consolidating above the immediate resistance level might help SHIB price target the resistance near $0.0000115 before downside corrections pare gains.
On the other hand, the relative strength index for SHIB is close to the overbought threshold, with a value of 66.48 on the daily charts. Overbought RSI levels often precede a reversal or consolidation phase for a token, which some traders might take as a selling signal.
Furthermore, long upper wicks on SHIB price’s daily candles indicate the presence of bears near the immediate resistance. Hence, should the selling pressure increase, SHIB price might drop to the 200-day EMA support near $0.0000093.
Moreover, breaching the immediate support level might force the Shiba Inu token price to test the 100-day EMA (blue wave) support near 0.0000085 before recovering.
The post News: Shiba Inu Included in Bitpay’s Payment Solution — SHIB Price Nears Flipping Key Resistance appeared first on CoinChapter.
Filed under: Bitcoin - @ August 9, 2023 3:15 pm