US Crypto Exchange Lists Shiba Inu as SHIB Recovery Gains Momentum

Crypto exchange UEX.US has announced the listing of Shiba Inu ($SHIB), giving users another avenue to trade and access financial services tied to the meme coin.

According to the exchange, users can now trade Shiba Inu against $USDT and other major assets. In addition, they can purchase the token through PayPal, bank wire transfers, or card payments.

Moreover, UEX.US has introduced a 4.5% APY Savings Rewards rate for $SHIB from the first day. The platform also allows users to borrow up to 90% of their $SHIB holdings without selling their tokens.

The listing expands $SHIB’s reach among exchange users and adds another trading venue for the asset. Notably, the announcement comes about a week after Australian-based exchange FrameEx listed $SHIB, after which the token briefly climbed to $0.00001004.

$SHIB Shows Signs of a Modest Recovery

Meanwhile, $SHIB is showing signs of recovery after finding support around $0.0000043 earlier this week. It is currently trading at $0.000004461, while several market indicators pointed to improving sentiment.

For instance, Santiment’s Social Dominance metric has recovered since August 16, reaching 0.016% at press time. This increase suggests that $SHIB-related discussions are gaining prominence across cryptocurrency conversations.

Derivatives data also offers a more constructive outlook. CoinGlass data showed $SHIB’s long-to-short ratio at 1.01. Since the ratio sits slightly above one, long positions marginally outnumber short positions, indicating that traders are becoming more optimistic about $SHIB’s near-term direction.

Furthermore, $SHIB’s funding rate turned positive on Tuesday and climbed to 0.0087% on Wednesday. Positive funding generally means traders holding long positions are paying those holding shorts, signaling stronger demand for bullish exposure.

$0.0000043 Support Remains Critical

From a technical perspective, $SHIB’s ability to hold above $0.0000043 could determine whether its latest recovery develops into a stronger rebound.

The token retested this support zone yesterday and attracted buyers around the level. It subsequently moved back above $0.0000044, suggesting that selling pressure may be easing. If $SHIB continues to hold $0.0000043, its next potential target is the 50-day Exponential Moving Average (EMA), currently around $0.0000046.

Momentum indicators also provide some encouragement. The Relative Strength Index (RSI) stood near the neutral 50 level at 46, indicating that bearish momentum is weakening without yet confirming a strong bullish reversal. Meanwhile, the MACD’s declining red histogram bars point to fading downside momentum.

However, the recovery remains vulnerable. A daily close below $0.0000043 could invalidate the immediate bullish setup and expose $SHIB to further losses towards the psychological $0.0000040 level.