Even though the mood in the crypto market remains bearish into Thursday, there seems to be some hope on the horizon for emerging memecoin Shiba Inu to gather some upward momentum in the coming sessions and reverse direction. At the time of writing, however, SHIB/USDT is trading at around $0.0000071.

The launch of ShibaSwap – Shiba Inu’s very own DEX, has turned things around for a cryptocurrency which originally started as a joke, causing several experts in the field to look it more seriously. Many former critics accede that SHIB holds more promise than the original memecoin, Dogecoin, as it has more use cases beyond enabling digital transfer of payments.

As an example of the above, keep in mind that leading cryptocurrency exchange announced the addition of SHIB as an offering less than a year after it was launched. On the other hand, DOGE was listed by Coinbase almost eight years after it was first created as a joke.

Meanwhile, since its launch over a week ago and despite the bearish sentiment weighing on the overall crypto sector, ShibaSwap has managed to register a TVL of around $1.5 billion and has listed more crypto pairs that can be traded on the platform – a move that is sure to attract more users to the DEX.

Looking ahead, interest is likely to build up and support an upward move in SHIB in the coming sessions ever since influencers from its community announced a virtual Shiba Inu party. The virtual meet-up will bring together interested investors to talk up the ShibaSwap exchange and the social media hype building up in the days leading to the party could work in the cryptocurrency’s favor and send it higher.

Key Levels to Watch

Most of the moving averages as well as technical indicators MACD and momentum are suggesting a bearish bias on the H4 chart of SHIB/USDT at the moment. Being weighed down by the cautious mood among crypto investors, Shiba Inu is holding well below the pivot point which sits at $0.0000082.

SHIB is holding right at the immediate support at $0.0000071 for now, so there is a possibility of buying interest building up and SHIB working its way back up again. However, if the sentiment deteriorates further, we could see the token break past this level, which would open the door for a strong downtrend until $0.0000064 where the next support level is to be found.

A move upwards would require buyers to overcome the pivot point and head up to the immediate resistance which sits at $0.0000089.