Shiba Inu Coin (SHIB): Internal Struggles Continue, Yet It Becomes a Market Favorite
Shiba Inu Coin (SHIB) has encountered numerous troubles recently, deeply embroiled in internal conflicts, yet its popularity in the market has surged, making it a 'hot cake' in the eyes of investors.
After a substantial price retracement, Shiba Inu is trapped within a one-week ascending triangle pattern. If it can break through the resistance zone, a conservative target of $0.000056 is expected for this cycle; however, if it falls below the downward trend line, the bullish setup will collapse, resulting in a potentially larger drop.
It also faces a situation where both price and trading volume are declining, attracting significant market attention. Nevertheless, the corrected ascending triangle is often viewed as a bullish signal, and a breakthrough of the resistance line would provide upward momentum. From the trend, the lower yellow line's low point is moving up, indicating strengthening buying power at high price levels; the upper yellow line is flat, suggesting significant selling pressure that hinders the breakout.
If the resistance is broken, the target price of $0.000056 is justifiable. Currently, while trapped, changes in trading volume and momentum are crucial breakout signals.
At the same time, there are new developments in the SHIB ecosystem. Shibburn accuses the executives of manipulating strategies for personal NFT project promotion, with continuous rumors of insider trading, yet the executives have not responded. Recently, the SHIB Metaverse project has shown signs of activity, being a key part of L2 Shibarium, with technological empowerment aimed at creating an innovative platform. I believe that SHIB's development should still align with Ryoshi's original vision.
Shiba Inu Coin (SHIB) has encountered numerous troubles recently, deeply embroiled in internal conflicts, yet its popularity in the market has surged, making it a 'hot cake' in the eyes of investors.
After a substantial price retracement, Shiba Inu is trapped within a one-week ascending triangle pattern. If it can break through the resistance zone, a conservative target of $0.000056 is expected for this cycle; however, if it falls below the downward trend line, the bullish setup will collapse, resulting in a potentially larger drop.
It also faces a situation where both price and trading volume are declining, attracting significant market attention. Nevertheless, the corrected ascending triangle is often viewed as a bullish signal, and a breakthrough of the resistance line would provide upward momentum. From the trend, the lower yellow line's low point is moving up, indicating strengthening buying power at high price levels; the upper yellow line is flat, suggesting significant selling pressure that hinders the breakout.
If the resistance is broken, the target price of $0.000056 is justifiable. Currently, while trapped, changes in trading volume and momentum are crucial breakout signals.
At the same time, there are new developments in the SHIB ecosystem. Shibburn accuses the executives of manipulating strategies for personal NFT project promotion, with continuous rumors of insider trading, yet the executives have not responded. Recently, the SHIB Metaverse project has shown signs of activity, being a key part of L2 Shibarium, with technological empowerment aimed at creating an innovative platform. I believe that SHIB's development should still align with Ryoshi's original vision.
