Shiba Inu’s new utility helps it gain more popularity. As a meme token, SHIB is on the same list as payment method giants like XRP and AVAX. Binance announcement of the day brought the rally for the meme token one step closer. Here is the latest Shiba Inu partnership and the next levels…
SHIB will enable greater use in the United Arab Emirates through this partnership
Today, a partnership agreement was signed between Binance and UAE business services provider Virtuzone for the company’s use of Binance Pay technology. Through Binance Pay, Virtuzone aims to expand its range of services and improve its trading operations. Shiba Inu (SHIB) was the latest cryptocurrency to join the Binance Pay program in early August. Binance has officially included XRP, AVAX, and SHIB as payment options through the service Binance Pay. Now companies using the services of a newly established Binance partner in the UAE will be able to pay with these cryptocurrencies.
As UAE’s no. 1 company formation specialist, #Virtuzone takes the lead by becoming the first corporate services provider in the country to form a strategic partnership with @binance & accept #crypto payments via #Binance Payhttps://t.co/2fZWbh5uQs@nadeemladki @GeorgyGeorge9 pic.twitter.com/uiZxPAaTXp
— #VIRTUZONE (@Virtuzone_UAE) August 29, 2022
Virtuzone also only works with legal entities that need services that potentially require large cash turnover. In addition to Virtuzone, several hotel and retail chains already use Binance Pay in the UAE. In the hours when the news reverberated in the market, SHIB was testing an important trend line.
Shiba Inu (SHIB) successfully exited support level
As you follow on Kriptokoin.com, the Shiba Inu price has been moving along the trendline support extending to July for a while. However, the 50-day exponential and regular moving average failed to stop the bears from crossing under massive selling pressure from the whales. The intersecting line with the MAs remains the last support for SHIB.
Except for the unexpected rally on August 15, SHIB has remained in the rising price range since late June. It moved inside the canal throughout the process. If the range holds the current selling pressure, SHIB will retain current gains and move higher. Volume data shows that it has not received any support from large individual or institutional investors. As Bitcoin drops below $20,000, we are once again seeing an outflow of funds.
What’s next for the Shiba Inu?
For now, the Shiba Inu desperately needs some buyout support from investors. Because if the token now stays in range, it will most likely break. Any test of the local support level is dangerous. A failed bounce attempt will lead to a potential drop below $0.00001. As we saw from the last 40% rally, Shiba doesn’t need huge inflows of funds for big returns. Even the slightest buying activity from whales will lead to strong growth. SHIB is currently trading around $0.00001239, up around 2% in the last 24 hours.
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