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.
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