Shiba Inu Breaks Downtrend on Japan Exchange Approval

Shiba Inu (SHIB) has finally broken its 11-month downtrend after closing above the 20-week moving average for the first time since September. This technical signal comes on the heels of significant regulatory news from Japan, where a Nomura-backed exchange was approved to list SHIB.

The approval marks Japan's first new exchange registration in four years and brings six supported assets, including Bitcoin, Ethereum, and Litecoin, to the platform. SHIB is the only meme coin among those listed, which could give it additional visibility among Japanese traders.

With the 20-week moving average sitting at around $0.00000531, buyers must now defend this level before attempting another advance. A successful defense could encourage buyers to regain control, potentially pushing SHIB toward $0.00000600 and $0.00000636 resistance levels.