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Shiba Inu Trying To Extricate From Bearish Grip As SHIB Seen Rising This Week

Since the beginning of August, Shiba Inu has been actively engaged in corrective activities. The meme coin has been distancing from its origins and has been highly effective with doing so. An actual use case for SHIB was just introduced last month when it became possible to use the token to settle tax obligations in the cryptocurrency space.

In January of this year, NOWpayments announced a partnership with Shiba Inu, opening the door for token payments to be used as crypto wages. This isn’t the only real world utility of SHIB per se.

Shib Eternity was also released worldwide as part of this ecosystem. Though the launch was made, the bear market continued to gain ground.

SHIB has been under strain due to recent macroeconomic events. With the latest interest hike by the US Federal Reserve, it can be argued that a recovery by SHIB will be challenging. Yet, SHIB has been gaining bullish momentum as of late. Is it possible that the deflationary token will be able to stop the falling prices eventually?

How SHIB Has Been Doing

The real-world performance of SHIB as of this writing has been fairly significant for the growth of the ecosystem. SHIB has been made more widely available in the cryptocurrency market with yesterday’s official listing on BitMEx. As a result of Google’s agreement with Coinbase, the token can also be used to pay for cloud services.

These factors will propel SHIB’s bullish breakout from the descending wedge it now resides in. As of the time of writing, the coin’s trading range is between $0.00000927 and $0.00001219. The momentum indicator suggests that bullish pace is progressively increasing.

Recent study indicates that these descending wedges are bullish since they typically result in a positive breakout. The fact that Chaikin’s money flow index is above the 0.05 level indicates that bulls rule the market.

The $0.00001018 support zone has also demonstrated some resilience after preventing a continuation of the downturn.

When Does The SHIB Breakout Occur?

The momentum and CMF indicators suggest the possibility of an uptrend. However, the RSI readings remain on the bears’ side, which could act as a hurdle for the forthcoming breakout. The RSI is currently approaching a bullish convergence, which is supported by increasing Stoch RSI values.

The future performance of SHIB will be determined by investor confidence. Given the increasing utility of SHIB in the real world, a price breakthrough over $0.00001219 is possible, with a likely test of $0.00001395 resistance. So SHIB holders, keep on HODLing!

SHIB total market cap at $5.4 billion on the daily chart | Featured image from Somag News, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Shiba Inu Eternity Update Awaited – Will This Lift SHIB’s Price?

There may be a Shiba Inu (SHIB) rally coming soon.

Recent events have sparked widespread interest in the Shiba Inu project and its native cryptocurrency. On Thursday, the company’s founder and chief programmer, Shytoshi Kusama, informed the SHIB Army that the company’s development team is working on a burn mechanism that will have implications for the entire Shiba Inu ecosystem.

SHIB holders can’t help but be giddy about the future, what with the community’s official Twitter account teasing yet another major update.

Shiba Inu ‘Eternity’ Excitement  

A lot has happened since the Australian release of Shiba Eternity. All of this excitement and eagerness is only heightened by the latest statement made by the official account tweet.

The Shiba Inu team just announced via the Twitter Space Event “Shiba Eternity Community Update” the official date for the global debut of the Shiba Inu Collectible Card Game.

According to the announcement, Shiba Eternity will launch on October 1. The Shiba Inu Community will celebrate the release as “Download Day” while simultaneously breaking the Android and iOS App Stores.

There was consequently a lot of excitement about the coin and the overall ecosystem.

There is additional good news for the ecosystem. As of this writing, the development team is still putting the last touches to Shibarium, the upcoming update that is anticipated to debut on or about September 30.

That Much-Needed Scalability

Supposedly, this upgrade will provide scalability to the Shiba Inu ecosystem and cut gas expenses for everyone, particularly on the gaming side.

Will this, however, be sufficient for the coin to rally?

Currently, the coin’s value is between $0.000000957 and $0.00001230. This indicates that the currency is trading within its June price range, which is a less favorable period for cryptocurrencies.

Chart: TradingView.com

This decline in price, which followed a progressive climb from June to August, is the result of larger market factors.

The recent 0.75 percent increase in interest rates and the news of worsening year-over-year inflation caused investors and traders to feel dread. The price decreased by a stunning 25.06 percent from its latest peak on September 10.

SHIB Seen Rising To The Occasion

Nevertheless, it has risen to the $0.00001038 price range from its bottom on September 21. This range of prices will support the token’s expected relief rally.

The last decline at $0.00001192 represents the resistance. This level is critical since bulls can easily exploit any breakthroughs towards the 78.60 Fib level.

Due to the fact that the SHIB token is based on Ethereum, its value might be affected by the Ethereum ecosystem. The current market conditions can magnify the coin’s volatility that may lead to a crash.

If the larger financial markets rebound from the decline on September 13, we can anticipate SHIB to ride the tide of recovery.

SHIB total market cap at $5.8 billion on the daily chart | Source: TradingView.com

Featured image from Coin Culture, Chart: TradingView.com