As you can see in the chart below, Shiba Inu ( #SHIB ) managed to break the downtrend in the section marked with a yellow circle. He performed a retest after the break and confirmed that he was now above this channel. It then created an upward channel, although it is not yet fully confirmed. You can see this channel on the right as a small channel coming out of the larger channel.
#ShibaInu is currently at the bottom of this channel. We have been in a bear market for cryptocurrencies for a long time due to the lack of volume in #Bitcoin and the market not allowing it. For this reason, although I think the main trend is still downwards, we can observe short-term upward trends. The first targets in these experiments will be the red horizontal resistance points. Green support levels are important points at points where the market moves further downwards.
What is Shiba Inu (SHIB)? What are its features?
Shiba Inu (SHIB) is an Ethereum-based meme cryptocurrency. It was released in August 2020 by an anonymous person or persons using the pseudonym Ryoshi. SHIB was designed as an alternative to #Dogecoin and is inspired by the Japanese Shiba Inu dog breed.
SHIB operates as an ERC-20 token and operates on the #Ethereum blockchain. Its total supply is 589 trillion. This makes SHIB one of the largest cryptocurrencies on the market.
SHIB has a number of features:
It is decentralized: SHIB is not controlled by any central authority. This allows the project to be controlled and developed by its users.
Flexible: SHIB can be used for a variety of purposes. For example, it can be used in payments, trading and staking.
Fun: SHIB is a fun and interesting project. This makes it attractive to a wider audience.
SHIB has experienced significant growth since its launch. In 2021, SHIB's price increased by more than 1,000,000%, making it one of the top 10 most valuable cryptocurrencies in the world.
However, the future of SHIB is uncertain. For further growth of the project, the total supply of SHIB must be reduced and the project must be adopted by more users and developers.
Whether SHIB is suitable for investment depends on the investor's risk tolerance and objectives. SHIB is a high-risk investment and investors have the possibility of losing money.
The features of SHIB can be summarized as follows:
It is a decentralized cryptocurrency.
It can be used for various purposes.
It is a fun and interesting project.
It is one of the largest cryptocurrencies in the world in terms of market value.