Shiba Inu Coin (SHIB): Despite the internal chaos, it has gradually become a "hot commodity" in the market
Although the price of Shiba Inu has retreated sharply, it is still trapped in a 1-week ascending triangle pattern. If SHIB breaks through the resistance zone, the conservative estimate for its price in this cycle is $0.000056.
However, if it falls below the lower trend line, this bullish layout will be broken, or it may trigger a larger decline.
In addition, SHIB's price and trading volume have fallen together, and challenges have come one after another, which is of concern.
However, the corrected ascending triangle is often regarded as a bullish continuation pattern. Once the resistance line is broken, the upward momentum can be expected. The lower yellow line shows that the low point is moving up, which means that the buying at higher prices is gradually increasing;
The upper yellow line is flat, which highlights that the selling pressure has not decreased, hindering the price breakthrough.
If SHIB breaks through the resistance zone, the conservative target price in this cycle is $0.000056, which depends on the height of the triangle and the breakthrough point. Although the current price is trapped in the triangle, traders need to pay attention to changes in trading volume and momentum, which are key breakthrough signals.
On the other hand, market participants have noticed a series of new developments in the SHIB ecosystem.
Shibburn, a well-known coin burning tracker, exposed fierce information, accusing SHIB executives of manipulating strategies. Shytoshi Kusama and others were accused of promoting personal NFT projects under the official banner, and rumors of insider trading have heated up the situation.
SHIB executives have not yet responded to these allegations, but recently broke their silence on the SHIB Metaverse project. As a key part of L2 Shibarium, the project will be empowered by the second-layer Shibarium and built into a "platform for creativity, connection and belonging."
Even so, I think Shiba Inu's current direction should be in line with Ryoshi's initial conception.
