Shiba Inu developer is promising a bright future with an upcoming NFT game project, but the SHIB price continues to drop.
SHIB price drops 30% as massive triangle formation continues
Shiba Inu slumped over 10% to $0.00001641 on May 9 amid the crypto market slump. However, the bulls are ignoring adoption news like Gucci as it continues to decline under macro and technical pressures.
Shiba Inu’s odds of facing more annual losses increase as it remains on track to “symmetrical triangle” breakout target of around $0.00001197. The level, which is about 30% below the May 6 price, is due to a technical rule that measures profit targets of symmetrical triangles by adding the maximum distance between the upper and lower trendline of the structure to the breakout point.
20% bounce expected in short term
SHIB is in the red around $0.0001667, which has acted as a savings zone for investors three times since October 2021. approached the horizontal line. For example, the Shiba Inu rallied over 100% in January 2022, two weeks after testing the $0.0000167 level as support. The level also coincides with the lower trendline of the descending parallel channel as shown in the chart below. As a result of this merger, SHIB is seeing a price rebound with the channel’s upper trendline near $0.00002000, acting as the temporary upside target for the May-June period.
Meanwhile, SHIB’s daily RSI fell below 30, the oversold zone that could further accelerate a short-term recovery. However, macroeconomic catalysts, primarily a hawkish Federal Reserve, continue to pose downside risks to the crypto market, including SHIB. Therefore, price increases can be expected to sell higher, tracking SHIB towards the triangle breakout target of around $0.001197.
SHIB developer Shytoshi Kusama promises a bright future
Shiba Inu developer Shytoshi Kusama offered a bright outlook for the project, which appears to be an effort to stifle market demand for SHIB. He stated that Playside, an Australian-based video game company, will use Shiba Inu-themed NFTs (Shiboshi) in its upcoming metaverse game of the same name. He also noted that Shiba Inu will release documents for the layer-2 Blockchain Shibarium “this month or next month.”
This is the details about ShibaSwap 2.0, Shibarium and Shibverse as Cryptokoin.com We got it in the article.
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