It’s been nearly a week that Shiba Inu price has been managing to stay above a support level and there isn’t any sign of an upswing. This stable movement also points towards a bullish move once the volume increases.
Shiba Inu Price Action
Between January 5 and February 8 Shiba Inu created a V-shaped valley known as ‘Adam’ and a round bottom formation known as ‘Eve.’ Although the ‘Eve’ is yet to be complete, investors can start buying SHIB before the round bottom is completed.
The present technical pattern depicts a 38% upswing after observing the depth of the valley that added the breakout point at $0.0000329.
At press time Shiba Inu is trading at $0.00002559 with a plunge of 4.18% in the last 24hrs. It is to be noted that between $0.0000235 to $0.0000263 is a major support level and one more drop is expected before a new breakout is seen.
However, if SHIB Price decides on a bullish case, then SHIB should be rallying towards $0.0000454 and then reach $0.0000500. If we look at today’s trading of Shiba Inu at $0.00002559, the run towards $0.0000500 will account for more than 80% gain.
Though there is a bullish outlook at present for Shiba Inu, a sudden Bitcoin crash could result in an overall crypto market downfall. Meanwhile, a daily candlestick closing below $0.0000211 support will push Shiba Inu towards a bearish cycle and could trigger the price to crash towards $0.0000094.
Shiba Inu Gears Up For Four Major upcoming projects
Shiba Inu developer, Shytoshi Kusama, claims via Twitter that the SHIB Metaverse lands might become available really soon.
Another developer with the Twitter handle known as ShibDev4Evr states that with a Layer 2 solution we could see the next phase of development.
The developer claims to be working on the major Shiba Inu projects like SHIBARIUM, SHI, SHIBASWAP V2, MV land sale among others.
Earlier this year, Shiba Inu had stated that it’s creating its own “burn portal”, where SHIB tokens will be burnt and removed from circulation every day.