Shiba Inu's layer 3 blockchain aims to pioneer decentralized finance with a strong community backing, according to Cypher Capital Chairman.
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The price of Shiba Inu (SHIB), the self-proclaimed “Dogecoin killer,” has been caught in a technical tug-of-war, with bears attempting to push it lower and bulls clinging to signs of hope. Analysts are scrutinizing the memecoin’s chart pattern and on-chain data to decipher its next move. Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook Descending Triangle Looms: Will SHIB Fall Or Fly? A descending triangle formation has emerged on SHIB’s 3-day chart. This pattern typically indicates a potential price decline, as the asset’s price gets squeezed between converging support and resistance lines. The big question for SHIB holders: will the price break below support and continue its descent, or will it defy gravity and break out of the triangle, sparking an uptrend? Falling Demand Raises Concerns For Shiba Inu Adding fuel to the bearish fire, SHIB has witnessed a significant drop in demand. Data from Santiment reveals a worrying trend: the daily active addresses for SHIB have plummeted by more than 50% over the past month. This suggests a shrinking user base and potentially lower trading volume, which can put downward pressure on the price. Source: Santiment New Investors Give SHIB The Cold Shoulder Further dampening spirits is the sharp decline in new addresses joining the SHIB party. According to on-chain data, the number of new addresses created daily to trade SHIB has nosedived by 51% in the same period. This lack of fresh blood entering the market could exacerbate the selling pressure. Shiba Inu is currently trading at $0.000024. Chart: TradingView SHIB’s High Valuation: A Recipe For Sell-Off? Another factor causing concern is SHIB’s Market Value to Realized Value (MVRV) ratio. This metric compares the current market price with the average acquisition price of all SHIB tokens. Currently, SHIB’s MVRV ratio sits at a lofty 38%. When this ratio is high, it suggests the asset might be overvalued, potentially triggering existing holders to cash in on their profits and contribute to a sell-off. SHIB monthly price action. Source: CoinMarketCap A Silver Lining? Despite the prevailing bearish sentiment, a glimmer of hope flickers for SHIB. The coin’s weighted sentiment has surprisingly turned positive recently, indicating a shift in market perception. This newfound optimism could translate into a price breakout, defying the descending triangle’s bearish implications. Related Reading: Bitcoin Update: $120 Million Futures Liquidated As Price Takes A Beating Can Bullish Sentiment Propel SHIB To Higher Ground? If the positive sentiment persists, analysts predict a potential price surge for SHIB, reaching $0.00003. This would be a welcome change for investors who have witnessed a recent price slump. Meanwhile, SHIB’s Fibonacci retracement level shows that the memecoin’s price may drop further 15% to trade at a low of $0.000018 if the bears continue to put pressure on it and it falls below support. SHIB investors now have more cause for concern as this underscores the possible repercussions of a bearish breakthrough. Featured image from Pexels, chart from TradingView
Shiba Inu (SHIB) has demonstrated resilience despite recent market downturns. Data reveals that roughly over 700 trillion SHIB tokens held by more than 650,000 wallet addresses remain profitable, reflecting steadfast confidence among holders in the token’s long-term value. Shiba Inu Market Resilience Amid Volatility Recent on-chain analytics have uncovered an interesting trend among Shiba Inu investors. Despite a general dip in SHIB’s market price, investors continue to hold a substantial volume of tokens—totaling 733 trillion—showing unrealized gains. Related Reading: Massive SHIB Movement Ignites Market Speculation: Is A Big Surge On The Horizon? These holdings, maintained by approximately 653,530 individual wallets, were acquired at prices ranging from $0.000002 to $0.000022, averaging out at $0.000011. This indicates not only a significant level of acquisition but also a broad base of investors who entered the market at lower valuations, positioning themselves in profit despite the coin’s fluctuating fortunes. The “Break Even Price” indicator, a crucial tool derived from on-chain data, suggests that many SHIB holders are still in the green financially. This could point to a collective strategy among holders to weather short-term price movements, with an eye on potential long-term returns. Such data reinforces the notion of SHIB as more than just a speculative asset, hinting at a deeper conviction among its community regarding the token’s future potential. Long-Term Outlook And Ecosystem Developments Despite a decline of 5.2% over the past week and 11.9% over the past month, Shiba Inu has seen a recent uptick of 3.3% in its price in the last 24 hours, trading at $0.00002389. The SHIB price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView Notably, this upward trajectory in value mirrors the asset’s trading volume, which has also surged from below $400 million last week to above $600 million as of today. This recovery aligns with significant developmental strides within the Shiba Inu ecosystem, particularly the completion of a hard fork in its Layer-2 blockchain solution, Shibarium. The Shibarium hard fork, executed at block height 4504576, introduced enhancements aimed at improving usability and transaction efficiency. This was a response to community feedback advocating better performance and lower costs. This upgrade is expected to boost transaction speeds and stabilize transaction fees on Shibarium, making costs more predictable for users. Related Reading: Crypto Analyst Predicts 244% Shiba Inu Rally Based On Bull Flag Moreover, the recent hard fork’s dual focus—enhancing the Bor and Heimdall components of Shibarium—aims to refine the platform’s technical infrastructure. 1/ #Shibarium has successfully completed its hard fork at block height 4504576! Get ready for: •Blazing-fast transactions! ⚡ •Predictable gas fees! ⛽️ pic.twitter.com/oQrtF3OMTe — Shibarium Network (@ShibariumNet) May 2, 2024 By improving the calculation of state sync confirmation and ensuring deterministic finality, the Shiba Inu team appears keen on improving the network’s reliability and scalability. Featured image from Unsplash, Chart from TradingView
An analyst explained how Shiba Inu could be heading towards a massive rally based on a bull flag pattern that forms in its daily chart. Shiba Inu Has Been Consolidating Inside A Bull Flag Recently In a new post on X, analyst Ali has discussed about a bull flag that has recently appeared in the daily price of Shiba Inu. The bull flag is a pattern in technical analysis (TA) that, as its name suggests, is shaped like a flag on a pole. The pattern forms when an uptrend is followed by a period of consolidation inside a parallel channel toward the downward direction. The starting uptrend makes up for the pole, while the channel acts as the flag. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge Like other TA patterns, the consolidation channel or flag here comprises two parallel lines. The upper level connects the price tops, while the lower one joins the bottoms. When the asset retests either of these levels, it’s probable to undergo a reversal, with the upper line of the channel acting as a point of resistance and the lower one as support. A break above the resistance line is considered a bullish signal for the price. The uptrend resulting from such a break may be the same length as the flag’s pole. On the other hand, a drop below the flag (that is, a breakdown of support) invalidates the formation and may even suggest the takeover of bearish momentum for the asset. Similar to the bull flag, there is also the bear flag in TA, which works much in the same way, except that it occurs during a downtrend (with the flag signifying consolidation towards the upside following a downward pole). Now, here is the chart shared by Ali that shows the bull flag pattern Shiba Inu has potentially been forming on its daily price recently: The formation that the memecoin's price has been displaying during the last few weeks | Source: @ali_charts on X From the graph, it’s clear that the Shiba Inu 1-day price has been consolidating inside what appears to be a bull flag pattern channel in the past few weeks. “I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323,” says the analyst. The former level is about where SHIB should meet the flag’s support next if it continues in its current trajectory, while the latter target is based on the height of the pole. Related Reading: Bitcoin To $92,190: Crypto Analyst Reveals Path To ATH Target A run to the bullish target of $0.000072323 would imply a rally of more than 244% from the current spot price of the cryptocurrency, while from the lower support of $0.000018343, any such surge would correspond to a growth of over 294%. It remains to be seen whether Shiba Inu will show a break above this bull flag pattern and, if it does, whether the price will benefit from bullish effects. SHIB Price At the time of writing, Shiba Inu is trading around $0.00002110, down more than 18% over the past week. Looks like the price of the coin has been heading down over the last few days | Source: SHIBUSD on TradingView Featured image from Traxer on Unsplash.com, charts from TradingView.com
The cryptocurrency market continues its wild ride in 2024, with established giants like Bitcoin facing headwinds while seemingly outlandish projects like Shiba Inu experience unexpected growth spurts. Related Reading: Slap On The Wrist? DOJ Faces Backlash For Letting Binance Founder Off Easy For AML Failures Bitcoin Struggles To Find Footing Bitcoin, the undisputed king of […]
Bitcoin’s drop to $56,500 crushed bullish traders’ sentiment and took a heavy toll on altcoin prices but are generational buying opportunities emerging?
Pepe (PEPE) has been one of the best-performing crypto assets since the beginning of the year, with a year-to-date (YTD) gain of over 400%. This crypto analyst predicts that PEPE can continue this impressive run and become the largest meme coin by market cap, ahead of Dogecoin and Shiba Inu. PEPE To Flip Dogecoin (DOGE) And […]
In a recent X (formerly Twitter) post, Shiba Inu marketing lead, Lucie shared a blog highlighting the date for the upcoming launch of Shibarium’s network hard fork. According to Lucie, the new update will deliver fresh and advanced features for community members and users within the Shibarium ecosystem. Shiba Inu’s Shibarium Hard Fork Date Revealed […]
Crypto analyst Crypto Noan has revealed a profit-taking strategy that crypto investors can adopt as they invest in Shiba Inu (SHIB), the second-largest meme coin by market cap. This strategy would be most beneficial to those who need guidance in securing profits as the meme coin continues to make significant price gains. Price Levels To […]
The Shiba Inu development team has announced that the Shibarium network is poised to undergo a transformative hard fork on May 2. This pivotal upgrade is aimed at not only enhancing user experience but also bolstering the infrastructure supporting the growing ecosystem of the network. The forthcoming changes were elaborated upon through a series of […]
In an interesting turn of events, the Shiba Inu burn rate has received a massive boost in the last day. This is a welcome change to the slow momentum which the burn initiative had recorded over the last week, proving that the SHIB community is coming back to the table to burn more tokens. Shiba […]
The Shiba Inu ecosystem has been subjected to updates in the last few days as developers look to bolster the cryptocurrency’s prospects in the long term. Behind the scenes, on-chain data also reveals a bullish trend among SHIB investors, with the exchange balance dropping to new lows. Adding to the bullish case is the fact that SHIB’s price has bounced right off the key 0.618 Fibonacci ratio level, otherwise known as the “golden ratio.” These metrics, in combination, are particularly setting up the stage for a price surge that could see SHIB surging in the current market cycle. Exchange Balances For SHIB Hit New Lows According to CryptoQuant’s SHIB analytics dashboard, the total SHIB reserve on crypto exchanges has been on a free fall for the majority of this year. At the time of writing, the SHIB exchange reserve now stands at around 150 trillion tokens, compared to 164 trillion SHIB tokens on February 29. This means the total number of SHIB tokens in crypto exchange reserves has fallen by 14 trillion SHIB in less than two months. Related Reading: Analyst Says XRP Price Will Reach $100, But This Needs To Happen First The drop in exchange reserve is somewhat of a bullish indicator for SHIB, as it shows that holders are less liable to sell their coins and are instead opting instead to store them in private wallets. This outflow from exchanges has particularly been compounded in the last few weeks, with on-chain data revealing an increase in activity from Shiba Inu whales. An example is a recent accumulation of 237.8 billion SHIB tokens worth $6.9 million by a new whale address. Furthermore, recent price action in recent months has seen the price of SHIB bouncing off the 0.618 Fibonacci ratio level on April 14th, setting up the stage for a golden ratio rebound. This is a key support level according to the Fibonacci tool, and the bounce indicated the start of a major uptrend. SHIB encountered this bounce on April 15 around the $0.00002117 price level after a correction of over 51% from its yearly high of $0.00004400. Shiba Inu To $0.0001? At the time of writing, SHIB was trading at $0.00002702, up by 19% in the past seven days. Interestingly, the SHIB price has increased by over 27% since its bounce above the golden cross to confirm the crypto has fully reversed into a bullish sentiment. Related Reading: XRP Wallets Holding At Least 1 Million Coins Nears All-Time High As Sentiment Improves Fundamentals point to a continued SHIB price surge in the coming days amid mainstream interest and adoption. One of these is the recent $12 million investment raised by the Shiba Inu team to develop a layer-3 blockchain on top of Shibarium. With supply on exchanges diminishing and SHIB building surging after bouncing off a key Fibonacci level, the ingredients are in place for a rebound to $0.00004400 or higher. If SHIB can clear this resistance, it opens up a run toward $0.00008616, which would represent a 218% increase from today’s price. SHIB price sitting at $0.000026 | Source: SHIBUSDT on Tradingview.com Featured image from Crypto News Flash, chart from Tradingview.com
On Monday, the Shiba Inu team behind TREAT announced a significant financial boost with a $12 million investment from strategic venture capital partners led by Cypher Capital. This funding is set to advance the development of a next-generation Fully Homomorphic Encryption (FHE) blockchain utilizing TREAT, the final non-stable token within the Shiba Inu ecosystem. Lucie, […]
Shiba Inu has constantly managed to trade above $0.000021 last week amidst an ongoing tussle between the bulls and bears. On-chain data has indicated some serious whale movements during this period, with trillions of SHIB shuffled in and out of exchanges. The price of SHIB went through a decline earlier in the week from an extended selloff in the previous week. As the week progressed, things started to change into bullish action during the weekend up until a resistance just below $0.000028. Interestingly, on-chain transaction data from whales shows the major holders moved trillions of SHIB over the weekend, with 3.19 trillion SHIB movement in the past 24 hours. Recent on-Chain Data Shows Large SHIB Whale Activity According to IntoTheBlock’s large transaction volume data, the number of Shiba Inu transactions over $100,000 went through a major uptick last week, with the value of transactions greater than $100,000 reaching $661.5 million. On April 19th alone, SHIB transactions in this cohort reached 6.36 trillion SHIB worth $144.76 million. Large transactions in the last 24 hours particularly reached 3.19 trillion SHIB worth $82.49 million. Related Reading: Were Bitcoin Miners Behind The BTC Price Crash Below $60,000? With so much SHIB on the move, the big question is where are these whales sending their tokens. Interestingly, on-chain data showed large transactions consisting of a to and fro movement into and outside exchanges, indicating mixed feelings from large holders. A notable transaction involved the movement of 100 billion SHIB tokens into a crypto exchange on Sunday. Speculations from investors are that this could be a potential selloff from the whale, suggesting that there is a possibility of a price decline in the short term. What Does This Mean For Shiba Inu Holders? For average SHIB investors, whale activity can be both promising and worrying. While more large holders and transactions may indicate growing mainstream interest and adoption of the token, their moves can also significantly impact price. A positive price movement is enjoyed by Shiba Inu when whales are accumulating from exchanges. However, movement into exchanges suggests a selloff, as in the case of the 100 billion SHIB transaction on Sunday. Related Reading: Ethereum Enters Accumulation Phase As $500 Million ETH Leave Exchanges At the time of writing, SHIB is trading at $0.00002726, a 6.65% increase from 0.00002556 in the past 12 hours. Shiba Inu is also up by 16% on a larger seven-day timeframe and is on the way to displacing Cardano in the market cap rankings. SHIB’s price action this week should be full of action as the week unfolds, with the bulls now retesting a resistance at $0.000028. According to IntoTheBlock’s “In/Out Of The Money” metric, 6.62 trillion SHIB tokens were bought at this price level, with 28,760 addresses waiting to make a profit. A break over this price level indicates further resistance levels at $0.000029 and $0.000030. SHIB price at $0.000026 | Source: SHIBUSDT on Tradingview.com Featured image from The News Crypto, chart from Tradingview.com
The funds will be used to build Shiba's novel privacy layer TREAT.
In a recent update, Shiba Inu developer Kaal Dhairya (@kaaldhairya), confirmed that a temporary outage affecting the Shibarium network has been resolved. The outage, triggered by networking issues among validators, briefly disrupted services within the Shiba Inu ecosystem, specifically the layer-2 blockchain solution, Shibarium. Kaal detailed the cause and the subsequent resolution of the problem, stating, “There was a temporary Shibarium outage caused because of networking issues amongst the validators. Network is back up and running now.” He also noted that while the primary network functionality has been restored, some ancillary services such as Shibariumscan or external Remote Procedure Calls (RPCs) may continue to face disruptions until additional remedial steps are completed. Related Reading: Shiba Inu (SHIB) Price Jumps On Growing Support From 1.4 Million Holders Kaal emphasized the importance of collaboration among infrastructure teams to enhance communication and streamline operations. He urged external teams working on infrastructure-level elements such as RPC to coordinate closely with the Shibarium team. “If you’re an external team working on infrastructure level for Shibarium (e.g., RPC, etc.), please reach out so that we can streamline comms with you over shared telegram / slack channels,” he said. There was a temporary shibarium outage caused because of networking issues amongst the validators. Network is back up and running now, some services like shibariumscan or external RPCs can still remain down until the steps provided are implemented. If you’re an external team… — Kaal (@kaaldhairya) April 22, 2024 Shiba Inu Price Unfaced The recent price movements of Shiba Inu (SHIB) show no impact of the Shibarium outage. The four-hour chart for SHIB/USD illustrates a symmetrical triangle pattern that has governed the asset’s movement over the past several weeks. Contrary to a direct bullish sentiment, the price initially broke to the downside of the triangle on April 12, which typically signals a looming downtrend. However, in a swift change of fortunes, SHIB found substantial support at the 100-day EMA and is now testing the extended lower trendline of the once-confining triangle. At present, the price has surpassed the crucial resistance-turned-support level marked by the 0.236 Fibonacci retracement level at $0.00002472. Notably, SHIB is also trading above all EMA’s in the 4-hour chart. The 200 EMA (blue line) is currently serving as crucial support after the first attempt to break above the extended trendline (black) failed. Related Reading: Shiba Inu Insider Reveals Top 5 Shibarium Investment Rules A decisive and sustained break above this level could invalidate the prior bearish breakout, positioning SHIB for a potential bullish move to the north. However, volume activity on the chart indicates a tempered trading environment, lacking the aggressive spikes typically associated with decisive breakouts. This could suggest that the market is in a state of contemplation, with traders awaiting further confirmation before committing to a clear directional bias. Lastly, the RSI sits at a reading of 67, which is just shy of the overbought threshold. This placement implies that there is room for upward movement before the market becomes overextended. If SHIB battles above the extended lower trendline, the case for an imminent surge grows stronger, potentially leading to a rally towards the Fibonacci levels of 0.382 ($0.00002867), 0.5 ($0.00003203) and 0.618 ($0.00003527). Featured image created with DALL·E, chart from TradingView.com
The Shiba Inu community is being targeted by another string of scam attacks aimed at profiting from unsuspecting members. As a result, the Shibaarmy Scam Alert, an X (formerly Twitter) social media handle dedicated to exposing scams, has issued a crucial warning to the entire SHIB community. Related Reading: Decoded: Why Everyone’s Suddenly Googling ‘Bitcoin […]
Despite experiencing steep price declines in the past few weeks, popular Shiba Inu marketing team member, Lucie, has remained optimistic about SHIB’s price fundamentals, stating that the cryptocurrency is still on track for a supercycle. SHIB Set For A Major Bullish Cycle On Wednesday, April 17, Lucie took to X (formerly Twitter) to shed light […]
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The Shiba Inu ecosystem has hit another remarkable milestone, surpassing four million total addresses on its network. This achievement comes amidst fluctuations in the cryptocurrency’s price and a string of sharp declines that have pushed its value below market expectations. Shiba Inu Total Addresses Hit 4 Million The total number of addresses on Shiba Inu […]
Shiba Inu saw a lull in its burn rate last week, which coincided with the decline in the price of the meme coin. During this time, the number of tokens being burned on a daily basis dropped tremendously, causing the burn rate to suffer. However, as this week draws to a close, there has been […]
The entirety of the crypto market is experiencing a bloodbath right now after the Bitcoin price dumped below $70,000 and Dogecoin and Shiba Inu are not left out. Both meme coins have seen their values tumble by at least 5% in the last day alone, leaving investors to wonder what could be behind this price […]
Shiba Inu (SHIB) could be on the brink of a price recovery following a bullish reversal in critical on-chain metrics. This also includes the burn rate, with a recent development showing a sustained increase in the number of SHIB tokens burned. Shiba Inu Demand Looks To Be On The Rise There has been an increase in Shiba Inu whale activity these past few days. On-chain data shows the transfer of 1.7 trillion SHIB to a Robinhood-linked wallet. Transferring such an amount to a centralized exchange will usually raise fears about an incoming dump on the market, but that doesn’t look to be the case this time around. Related Reading: Expert Maps Out Timeline For The XRP Price To Cross $1,000 Instead, Robinhood looks to be accumulating as many SHIB tokens as possible to meet customers’ demand. This also seems to be the case with Binance, the largest crypto exchange by market share, which recently transferred over 464 billion SHIB from one of its wallets to another. These large transactions also come at a time when Bitcoinist recently reported a Shiba Inu whale that spent $19 million to purchase 692 billion SHIB. This whale in question also looks to be holding for the long term as they immediately transferred their SHIB holdings to a non-custodial wallet for safekeeping. The increase in whale activity presents a bullish outlook for the Shiba Inu ecosystem, which could aid the meme coin’s price recovery. SHIB had previously experienced a price dip thanks in part to multiple on-chain metrics, which turned red last week. One of those metrics included the number of large transactions on the network, which Bitcoinist reported had declined by over 10%. Shiba Inu’s Burn Rate Increases By Over 1,200% Data from the burn tracking website Shibburn shows that SHIB’s burn rate has surged by 1287% in the last 24 hours, with 135 million tokens burnt during this period. Furthermore, there has been a sustained increase in these SHIB burns, with the burn rate rising by 129% in the last seven days. Related Reading: Skybridge CEO Says Bitcoin Can Reach Half Of Gold Market, How Much Will BTC Be? This is significant considering these token burns’ impact on SHIB’s price. The sustained increase in the SHIB burns is also undoubtedly a welcome development, considering the decline these past few weeks. Interestingly, the SHIB community has pulled this off while Shibarium’s daily transactions continue to lag. However, activity on the layer-2 network is expected to pick up soon as the Shiba Inu team actively promotes it. Decentralized Exchange (DEX) WoofSwap also recently announced that they have introduced the SHIB -314 token protocol on Shibarium, which could also help drive up the number of transactions on the network. At the time of writing, SHIB is trading at around $0.00002884, up in the last 24 hours according to data from CoinMarketCap. SHIB price holding $0.000028 | Source: SHIBUSDT on Tradingview.com Featured image from Finbold, chart from Tradingview.com
Since reaching its peak for the year at $0.00004749 over a month ago, on March 5, the price of Shiba Inu (SHIB) has fallen by approximately 40%. Nonetheless, there may be brighter days ahead. Following a meteoric rise of 390% in just eight days from the end of February till the beginning of March, a period of consolidation was inevitable for the SHIB price. However, this phase could be drawing to a close. Shiba Inu Price About To Surge 65%? On the daily chart, the meme coin is exhibiting a critical chart pattern that suggests a significant price movement may be imminent. The analysis of the daily SHIB/USD chart reveals the emergence of a symmetrical triangle pattern. This classic chart pattern is generally considered a continuation pattern, typically heralding an uptick in volatility. Given that SHIB has been on a notably strong uptrend, the momentum could swing back in favor of the bulls. Over the past five weeks, the price of SHIB has been making a series of lower highs and higher lows, which is evident from the converging trend lines that are containing the price action. The apex of the triangle is fast approaching, suggesting that a breakout is imminent. This type of consolidation suggests market indecision, and as the pattern reaches its conclusion, we can expect a significant move in either direction. Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 – Here’s When The current price at the time of the analysis is $0.00002842. Notably, the volume has been declining as the pattern developed, which is typical during the formation of a symmetrical triangle and further validates the pattern. Exponential Moving Averages (EMAs) also paint a crucial picture. The 20-day EMA is flatlining, suggesting a neutral short-term trend, while the 50, 100, and 200-day EMAs are all trending upward, providing strong support levels. Particularly, the price is currently above the 20-day EMA, which is positioned at approximately $0.00002817, and this level could act as a strong support in the near term. The Relative Strength Index (RSI) is hovering near the 52.40 level, which is slightly above the midpoint of 50 that separates bullish momentum from bearish momentum. The RSI level indicates a neutral stance in the market momentum but leaves room for an upward push should the market sentiment sway positively. Related Reading: Shiba Inu Fires Up With 4,000% Burn – Price Rebound Coming? In terms of deriving price targets from this pattern, technical analysts typically measure the height of the triangle at its widest part and project that distance from the point of breakout. If SHIB breaks above the triangle, the price could surge, targeting the height of the triangle, which could be in the region of the yearly high at approximately $0.000048, considering the widest part of the pattern. This would translate into a 65% price rally from the current price. Conversely, a downward breakout could send the price to test the $0.00001500 level, which would be the equivalent target on the downside. It is important to mention that while symmetrical triangles can lead to a substantial breakout, the direction is not certain until a clear breakout occurs with an accompanying increase in volume. Traders and investors need to watch for a daily close outside of the triangle’s boundaries, with increased volume, to confirm the direction of the breakout. Featured image created with DALL·E, chart from TradingView.com
Shiba Inu experienced a lull in its rally over the past few weeks, causing investor interest to decline in the asset. However, this is beginning to change as investors, especially whales, are back to filling up their bags once again. The most notable of these buys is a whale who bought 692 trillion SHIB from […]
Shiba Inu (SHIB) is at risk of further price declines based on several on-chain metrics, signaling a bearish sentiment in the ecosystem. This could no doubt present a setback for the meme coin, which is showing signs of recovery following a significant price correction. Shiba Inu Network Growth Is On The Decline According to data […]
The Shiba Inu burn rate has turned negative after a rather good week of momentum. This downturn in the burn rate is a deviation from the established trend this week and could have something to do with the decline in the SHIB price during this time. Shiba Inu Burn Rate Drops 28% The burn rate […]