SHIB, BONE, LEASH tokens dip amid rumors of $2.5M Shibarium gaffe
Shiba Inu and related-token prices plunged since Shibarium’s launch, while rumors of a significant technical error in the new Shibarium network have been swirling.
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Značka: SHIB Price
Will Shiba Inu tail Dogecoin's price rally?
Shiba Inu price risks dropping 20% in April as it forms a classic bearish continuation pattern, based on technical analysis.
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Shiba Inu price drops to record low vs Dogecoin — Will history repeat with a 150% rally?
Shiba Inu (SHIB) price can rise by nearly 150% versus its top meme-coin rival, Dogecoin (DOGE), in the coming months, based on a technical fractal.SHIB hits record low against DOGEThe bullish setup appears as the SHIB/DOGE pair rebounded slightly after dropping to 0.0000841 — its lowest level ever — on Nov. 1. The price level coincided with a descending trendline that has served as strong support for the pair since November 2021.For instance, Shiba Inu’s previous drop to the said trendline occurred in May 2022, which preceded a 100% recovery rally in the next three months. Similarly, in January 2022, the SHIB/DOGE pair rebounded by more than 50% in less than a month.Interestingly, all the SHIB/DOGE’s rebound moves reached the 0.0002186-0.0002536 range as their primary upside targets. This area coincides with the pair’s 0.786-1 Fib line range, derived from the Fibonacci retracement graph drawn from the 0.0002536 swing high to the 0.0000899 swing low, as shown in the chart below.SHIB/DOGE daily price chart. Source: TradingViewTherefore, SHIB could once again see a sharp bullish reversal versus DOGE if history repeats, with the upside target in the 0.0002186-0.0002536 range. In other words, at least a 150% price rally by Q1 2023.In addition, the pair’s daily relative strength index (RSI) signals extreme oversold conditions after dropping to its lowest levels in history, suggesting that a rebound is likely in the near future. SHIB price risks more losses in USD pairMore cues about an imminent SHIB/DOGE pair rally come from these meme-coins’ individual performances versus the U.S. dollar.Notably, Dogecoin price rallied by more than 100% versus the dollar in October as traders assessed the its potential to become an integral part of Twitter after Elon Musk’s takeover of the social media giant.DOGE/USD three-day price chart. Source: TradingViewThis pushed DOGE’s daily RSI over 95 in late October, the most overbought since April 2021. The coin remains technically overbought as of Nov. 3, hinting at a potential price correction in the coming days. In other words, Dogecoin could drop toward $0.055, or 60% from current price levels, by the end of 2022, as previously reported.On the other hand, Shiba Inu closed October with a 10.5% profit, and as of Nov. 3, its RSI is in the neutral 30-70 zone, suggesting lower sell-side pressure compared to DOGE.Related: 62% of Dogecoin hodlers in profit amid hopes of Twitter integrationNevertheless, the SHIB/USDT pair still risks a 10%-15% short-term price correction to $0.00001088 based on its recent fluctuations inside an ascending triangle range, as shown below.SHIB/USDT three-day price chart. Source: TradingViewMeanwhile, a break below $0.00001088 risks triggering an ascending triangle breakdown. Such breakdowns during a downtrend typically send the price lower by as much as the pattern’s maximum height. $SHIB pic.twitter.com/BL1tIdlTCm— il Capo Of Crypto (@CryptoCapo_) November 1, 2022Therefore, Shiba Inu’s price is in danger of crashing to $0.00000682 should a decisive breakdown occur, a 45% correction by Q1.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Shiba Inu eyes 50% rally as SHIB price enters 'cup-and-handle' breakout mode
Shiba Inu (SHIB) broke out of its prevailing “cup-and-handle” pattern on Aug. 14, raising its prospects of securing additional gains in the coming weeks.Shiba Inu could soar 50%A cup-and-handle appears when the price falls and rises in a U-shaped trajectory in the first stage, followed by a swift move sideways or downward in the second. Notably, the price trend develops under a common resistance level.Typically, cup-and-handle patterns resolve after the price breaks above the resistance level; SHIB did the same on Aug. 14 after rising 27% to $0.000016, as shown below.SHIB/USD daily price chart. Source: TradingViewPer the rule of technical analysis, a cup-and-handle breakout target is determined by measuring the distance between the pattern’s lowest point and resistance line and adding it to the breakout point. As a result, SHIB could head toward $0.00002253.In other words, a 50% price rally by September.A nonsense rally, nonetheless?Fundamentally, Shiba Inu’s 27% intraday price rally on Aug. 14 had no visible catalysts except a metric showing that SHIB’s burn rate surged by 825% in a day. But the amount of burned SHIB is worth only over $4,500.Shiba Inu burn rate. Source: Shibburn.comOn the whole, however, the Shiba Inu network has burned over $6.36 million worth of SHIB tokens in its lifetime.In addition, the Shiba Inu rally came almost ten days after Binance’s announcement to add SHIB support on its payment cards issued in Europe. In doing so, the crypto exchange raised SHIB’s potential to find new users in the emerging European cryptocurrency space.We are pleased to announce that @binance has added SHIB to the list of supported tokens for the Binance Card issued in Europe.You can now pay with SHIB at 60+ million merchants worldwide. Furthermore, get up to 8% cashback and zero annual or FX fees!https://t.co/0Xj7IXPyt0 pic.twitter.com/FqINtnHFWx— Shib (@Shibtoken) August 5, 2022Weak fundamentals could offset SHIB’s technically bullish bias, however, given tha cup-and-handle setups have only a 61% success rate in meeting their profit targets, according to veteran analyst Tom Bulkowski.Related: 3 cryptocurrencies that stand to outperform ETH price thanks to Ethereum’s MergeTherefore, a failed cup-and-handle breakout—also on a pullback from the 200-day exponential moving average (200-day EMA; the blue wave in the chart below) near $0.00001755—could have SHIB eye an initial correction toward $0.00001306, down 20% from today’s price.SHIB/USD daily price chart. Source: TradingViewShiba Inu’s cup-and-handle setup could fizzle because of the token’s overbought daily relative strength index (RSI). Notably, the RSI has crossed above 70, which typically results in a period of sideways consolidation or correction.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Uniswap price risks 45% crash by September despite Robinhood listing
The latest Uniswap (UNI) chart pattern suggests that investors should be prepared for a correction after gaining nearly 20% over the past week.A 45% UNI price crash ahead?UNI’s price has been trending upward since mid-June inside what appears to be a “rising wedge,” which traditional analysts view as a bearish reversal pattern due to its history of luring bulls into buying fake-out bounces.Therefore, rising wedges resolve after the price breaks below the lower trendline. Traders typically calculate a rising wedge’s downside target by subtracting the distance between its upper and lower trendline from the breakdown point.UNI/USD daily price chart featuring ‘rising wedge’ setup. Source: TradingViewThat puts UNI’s downside target at $3.8 by September 2022, down 45% from July 15’s price if the breakdown begins near $6.52. However, the target would shift upward to $4.65 if the breakdown originates at the apex, i.e., where the wedge’s trendlines converge, resulting in a drop of 32.25% from July 15’s priceInterestingly, a rising wedge also formed between February and April. The pattern snapped a 65% upside move, with a broader 70% price slump that took UNI’s value to $3.56 per unit from around $12.50.UNI price bullish catalystsSimultaneously, Uniswap has also been painting an inverse head and shoulders (IH&S) pattern with an upside target sitting around $9.50, up 40% from current price levels.UNI/USD daily price chart featuring IH&S setup. Source: TradingViewThe bullish setup has one fundamental backing: Robinhood.Related: Crypto exchange FTX is looking into acquiring Robinhood: ReportNotably, the U.S.-based zero-fee trading app announced on July 14 that it had added Uniswap to its portfolio of cryptocurrencies for its 22.8 million retail investors. UNI is now on Robinhood @Uniswap #CryptoListing https://t.co/KBoYMziAyc— Robinhood (@RobinhoodApp) July 14, 2022Robinhood’s listing doesn’t guarantee an extended bull run, however, as the market has witnessed in Shiba Inu’s (SHIB) case. Notably, the firm’s decision to list SHIB assisted the token in rising by almost 20% on April 12 but couldn’t help it hold on to its gains. SHIB’s price has crashed by nearly 60% since its Robinhood’s listing.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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DOGE days of summer: Shiba Inu gains 40% on Dogecoin two months after record lows
Shiba Inu (SHIB) has grown stronger against its top “memecoin” rival Dogecoin (DOGE) in the last two months, in part due to the token’s periodic token burning events and a flurry of project announcements that promises to boost its utility.Why is the SHIB price rallying?In detail, SHIB/DOGE gained a little over 40% after bouncing from 0.0001120 on May 12, its lowest level on record. SHIB/USD four-hour price chart. Source: TradingViewCoin burn is the most logical explanation behind SHIB’s recent rally against DOGE. The process involves sending SHIB tokens to a wallet without a master, i.e., removing them out of circulation permanently against the total one quadrillion supply (half of which were sent to Ethereum’s co-founder Vitalik Buterin.The Shiba Inu network has burnt more than 410 trillion SHIB tokens (~$4.5 billion at today’s price) from its initial supply, according to data tracking portal ShibBurn.com.Shiba Inu supply. Source: ShibBurn.comDogecoin does not boast a coin burn feature and comes with an uncapped supply. That could give traders a reason to accumulate SHIB over DOGE, primarily during a crypto bear market when almost all digital assets fall against the U.S. dollar.JUST IN: $SHIB @Shibtoken is back on top 10 purchased tokens among 1000 biggest #ETH whales in the last 24hrs Peep the top 100 whales here: https://t.co/jFn1zIOq03(and hodl $BBW to see data for the top 1000!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/2o5A0yhHy4— WhaleStats – BabyWhale ($BBW) (@WhaleStats) July 5, 2022As a result, SHIB’s losses against the U.S. dollar since May 12 stand around -7.5% versus DOGE’s 17.5% losses in the same period.SHIB/USD versus DOGE/USD daily price chart. Source: TradingViewThe Shiba Inu ecosystem growsShiba Inu’s launch came with a promise that it would be a better version of Dogecoin.The project attempted so by offering some potential applications, such as smart contracts and an exclusive decentralized exchange called ShibaSwap that enables users to stake SHIB for “BONE” and “LEASH,” two other tokens within the Shiba Inu ecosystem. ShibaSwap trading volume. Source: Nomics.comOn July 6, Shiba Inu’s pseudonymous developer Shytoshi Kusama (not to be confused with the blockchain project Kusama), teased followers with the launch of an “algorithmic stablecoin” called SHI, coupled with a reward token “TREAT” and a collectible card game for its metaverse.On the other hand, Dogecoin has Elon Musk, the CEO of Tesla and SpaceX, who has already enabled DOGE payments at the companies’ online merchandise stores and is playing with the idea of doing the same on Twitter. Earlier this week, Musk’s Boring Company also enabled Dogecoin payments for its Las Vegas transit system “Loop.”What’s next for SHIB/DOGESHIB’s ongoing rally against DOGE risks exhaustion due to a classic bearish reversal pattern.Notably, SHIB/DOGE has been fluctuating inside a rising wedge, defined by two ascending, converging trendlines. Rising wedges typically resolves after the price breaks below their lower trendlines, accompanied by a rise in trading volume. Related: Bitcoin price surges to $21.8K, but analysts warn that the move could be a fakeoutIn theory, the breakdown move could pull the price to the level whose length is equal to the maximum distance between the wedge’s upper and lower trendlines. The chart below shows SHIB/DOGE in a similar setup.SHIB/DOGE daily price chart featuring ‘rising wedge’ breakdown setup. Source: TradingViewAs a result, the pair risks falling to the 0.0001233-0.0001348 range depending on its breakdown point, a 15-20% drop from current price levels.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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SHIB price eyes 30% drop with Shiba Inu's massive triangle breakdown underway
Shiba Inu (SHIB) price dropped by over 10% to $0.00001641 on May 9 amid a broader crypto market decline. This year, SHIB’s returns were 50% below zero, one of the worst performances by a top-ranking cryptocurrency in 2022.Last week, luxury fashion brand Gucci named Shiba Inu in the list of tokens it would accept for payments in five of its U.S.-based stores. Nonetheless, the bulls have ignored the major adoption news as SHIB price continues to fall under macro and technical pressures.SHIB/USD daily price chart. Source: TradingViewShiba Inu triangle breakdownThe prospect of Shiba Inu facing more yearly losses increases as it stays on the path toward its “symmetrical triangle” breakdown target near $0.00001197.The level, which sits around 30% below today’s price, results from a technical rule that measures symmetrical triangles’ profit targets by adding the maximum distance between the structure’s upper and lower trendline to the breakout/breakdown point. SHIB/USD weekly price chart featuring ‘symmetrical triangle’ breakout. Source: TradingViewNevertheless, SHIB’s shorter-timeframe charts reflects an interim bullish bias.Short-term 20% bounce in play SHIB has dropped near the red horizontal line near $0.00001667, which has served as an accumulation zone for traders three times since October 2021. For instance, Shiba Inu had rallied by over 100% two weeks after testing the $0.0000167-level as support in January 2022.The level also coincides with the lower trendline of the descending parallel channel, as shown in the chart below. As a result of this confluence, SHIB eyes a price rebound, with the channel’s upper trendline near $0.00002000 acting as the interim upside target for the May-June period.SHIB/USD daily price chart featuring descending parallel channel setup. Source: TradingViewMeanwhile, SHIB’s daily relative strength index (RSI) has dipped below 30, an oversold territory that could further catalyze a short-term rebound.Nonetheless, macroeconomic catalysts — primarily a hawkish Federal Reserve — continue to pose downside risks for the crypto market, including SHIB. So price rallies are likely to sell off at higher levels, thus keeping SHIB on track toward its triangle breakdown target near $0.00001197.Bright future promisedShiba Inu’s developer Shytoshi Kusama offered a bright outlook for the project in what appeared to be an effort to pent-up the market demand for SHIB tokens.Related: Shiba Inu has a new use case — Buying land in SHIB: The MetaverseThe developer noted that Playside, an Australia-based video gaming firm, would feature Shiba Inu-themed nonfungible tokens (NFT) — called Shiboshi — on their upcoming metaverse game of the same name. He also noted that Shiba Inu would release the documentation of their layer-2 blockchain, Shibarium, by “this month or next.”I updated the Shiboshi chat recently but I’m sure we will be seeing more from Playside soon as we near the final triad of production.— Shytoshi Kusama™ (@ShytoshiKusama) May 7, 2022The disclosures came after an Ethereum whale bought 74 billion SHIB (worth $1.23 million at press time).The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Shiba Inu (SHIB) fetches 30% gain on Robinhood listing rumor and bullish chart pattern
Shiba Inu (SHIB) seems to be preparing for a bullish breakout as a falling wedge pattern begins to form.The price of SHIB has been trending lower inside an area defined by two contracting trendlines while accompanying a decline in trading volume. That shows that investors have been less concerned about the downtrend. As a result, falling wedges typically provide an ideal springboard for an upside break once the price closes above the structure’s upper trendline. On Thursday, SHIB showed signs of following a similar topside break.SHIB/USDT daily price chart featuring a falling wedge. Source: Fiery Trading Notably, the token briefly closed above the falling wedge’s upper trendline, hitting an intraday high of $0.00003290. The upside move raised anticipation that SHIB would continue its trend higher in the coming sessions, with Fiery Trading analysts noting that an ongoing bullish retracement across the crypto market would further boost the altcoin’s upside bias.The analysts said,”With the entirety of the crypto market seeing strong bullish moves, it’s to be expected that SHIBA will follow. This token is currently trading near the top resistance of the pattern so that a breakout might occur soon. Look for a daily close above the resistance.”The next upside target for SHIBA decisive move above the falling wedge’s upper trendline could have traders eye for a bullish confirmation near $0.00003929. Simply put, if the price of SHIB breaks above $0.00003929, a previous level of resistance, traders may end up placing upside bets toward the level that comes at a distance equal to the maximum gap between the upper and lower trendline ($0.00004240). SHIB/USDT daily price chart featuring a falling wedge setup. Source: TradingViewAs a result, the potential falling wedge breakout could put the price of SHIB en route to $0.00008026, as shown in the chart above. Conversely, a pullback move from the wedge’s upper trendline could have SHIB retest the structure’s lower trendline around $0.00002350 support.Potential Robinhood listing backs the current rallySHIB’s bullish setup emerged primarily after it rebounded by nearly 30% in three days.At the core of SHIB’s sharp retracement were a few fundamental catalysts. These include speculation about the token’s listing on Robinhood, a zero-commission trading app with over $14 million in average daily volume. SHIBA INU ROBINHOOD LISTING SAID TO COME AS EARLY IN FEBthis is about 6 months too late— zerohedge (@zerohedge) January 12, 2022Additionally, SHIB also rallied higher in line with a bounce-back across crypto markets on Wednesday, with top digital asset Bitcoin (BTC) rebounding by more than 12% and Ether (ETH) rising by nearly 18% in the past three days.Related: Five coins that saw huge gains in 2021While it is likely that SHIB’s price boomed due to excessive speculation, Vladimir Kardapoltsev, CEO of blockchain wallet company PointPay, noted that its potential to log more gains in 2022 was huge due to SHIB investors’ recent holding pattern.”It is worth mentioning that in just over five weeks, the average holding duration for Shiba coins on Coinbase Global has climbed from 6 to 32 days,” he told Cointelegraph, adding that “people have been hoarding SHIB because of Shiba Inu’s willingness to become more than just a Dogecoin-like meme token.”Kardapoltsev said,”There are several critical criteria that investors and potential buyers should consider when determining the price of SHIB in 2022. Shibarium, the gaming video game Oshiverse, and ShibaSwap have all contributed to Shiba Inu’s surging pricing, placing it ahead of competitors such as Dogecoin, which is still a meme currency play with minimal development.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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