Shiba's price has been increasing steadily, and the momentum seems to be changing in the direction of the bulls.
Over the last week altcoins (including SHIB) are starting to move as Bitcoin rose for a retest of $28,000, and SHIB is no exception.
However, while the price movement and momentum appear bullish to some extent, Shiba Inu's trading volume appears weak.
There might be a few things that point to a more bullish future for the memecoin, as you will soon see.
Let's go over some very interesting developments on this dog-themed cryptocurrency.
Shiba Inu has had an interesting few weeks.
In late September, HSBC, one of Britain's largest banks partnered with FCF Pay to allow its customers to pay their mortgage bills and loans using SHIB, XRP and several other cryptocurrencies according to reports.
In more recent news, FCF Pay also collaborated with the Texas-based energy company Chariot Energy to allow locals to pay their solar panel bills using Shiba Inu, instead of US dollars.
As if these two weren't enough, Honda has also jumped on the crypto bandwagon. The Japanese car-manufacturing company now accepts SHIB and a number of other cryptocurrencies as forms of payment after a collaboration with FCF Pay.
Shiba Inu being included as a means of payment in these collaborations shows its impressive rate of adoption, as well as a bright and bullish future.
According to recent developments, a new SHIB metric according to IntoTheBlock, shows something interesting.
SHIB, as of late, has witnessed a significant increase in buying pressure, with the Bid-Ask Volume Imbalance favouring bulls by a whopping 485%.
If you didn't know, the Bid-Ask Volume Imbalance measures the difference between the volume of buy orders (bids) and sell orders (asks) on an asset.
But why is this good for SHIB?
For one, SHIB is severely underpriced. Because of this, investors may be hurriedly buying Shiba Inu at its current price.
Shytoshi Kusama, the team lead of the Shiba Inu development team, has hinted at a secretive artificial intelligence (AI) initiative in collaboration with the Bad Idea AI team.
The Bad Idea AI Team, according to its whitepaper, is a self-described AI experiment that aims to create a link between humans and AI, with the power of blockchain technology.
The "collaboration" between Shiba Inu and this company has not only sparked excitement and anticipation within the SHIB community. It has also raised some questions.
What is this secret AI initiative? What will it do? And how will it benefit the SHIB ecosystem?
Will this new project be focused on developing new AI-powered features for the Shiba Inu ecosystem? Or is it something else?
As we mentioned earlier, SHIB is suffering from a serious volatility crisis.
The last month (four weeks) or thereabout, has seen SHIB move very very slowly, either up or down.
Above, we can see the weekly chart.
Shiba Inu is currently under its 20-week and 50-week EMAs, and is in a descending wedge, as illustrated above.
Descending wedges are highly bullish formations that see cryptocurrencies descend for a while, before a final explosive rally and breakout to the upside.
As it turns out, SHIB has gravitated to the bottom of the wedge and is awaiting its bullish price explosion.
The outlook on SHIB seems bullish, and all systems are a go for the cryptocurrency. However, the bulls seem unmotivated for some reason.
SHIB currently trades at $0.00000717.
However, if a small impulse move launches the memecoin straight above its December 2022 low around $0.00000778, the bulls will have all the confirmation they need to push the cryptocurrency further up.
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