How Shiba Inu’s [SHIB] last 24 hours could affect investor sentiment

ambcrypto.com:

Shiba Inu has so far delivered a bearish performance since June, undoing its only significant bullish attempt this month. The dog-themed cryptocurrency is now showing signs of some potential short-term upside before the month ends and perhaps, in the first week of September.

There is good news for the Shiba Inu community regarding the upcoming launch of the Shiba Eternity game. A foray into the budding blockchain gaming industry is one of the few avenues of growth through which Shiba Inu plans to leverage growth.

William Volk, one of the project leads working on the Shiba Eternity game, has just confirmed that the game will be launched in September.

In fact, the countdown has only days to go and this is very good news for the crypto-community.

— Brezilya'da Bir Türk (@brezilya_t) August 28, 2022

Such a development is bound to encourage some positive investor sentiment and that might already be happening.

SHIB was trading at $0.0000122, at press time, with this price level being one to watch out for multiple reasons. In fact, at press time, the crypto’s price level was sitting on its 50-day moving average after its latest downside on the charts.

Source: TradingView

More importantly, this same level underlined a drop in sell pressure. It might thus act as a psychological buying zone and that appears to be the case too, as indicated by the level of demand currently in the market.

Shiba Inu’s exchange flows, especially over the last 24 hours, further strengthened the bullish relief narrative.

More than 10 billion SHIBs flew out of exchanges in the last 24 hours. On the contrary, the