SHIB eyes a 20% drop by March despite Shibarium launch this week

YEREVAN (CoinChapter.com) – Shiba Inu coin SHIB risks another 20% drop by March 2023 from its current price levels due to a classical technical setup.

Shiba Inu coin Confirms Bearish Triangle

SHIB has formed a symmetrical triangle pattern characterized by two converging trend lines at a roughly equal slope. They connect a series of sequential highs and lows, predicting a strong move after the price action breaks in either direction.

The SHIB token confirmed the setup by dropping below the support on Feb 28 and has declined 9% since. Thus, it still has an additional 20% to drop in order to reach the target price of $0.000009.

Also read: Shiba Inu Coin At Risk of Plunging 25% by March — Here’s Why.

Notably, SHIB repeatedly retested crucial support at $0.000010 for the previous five days. If the Shiba Inu bulls double down in the coming days, they could push the token to the support/resistance line at $0.000012.

Shibarium launch “this week.”

On Mar 8, the Shiba Inu official Twitter page announced that the long-anticipated Shibarium launch would commence “this week” before Sunday, Mar 12. The date is not yet certain, and the team assured its followers that they would provide more details in the coming days.

Make sure you’re following our official socials over the next few days as we reveal all the details on how to access the beta website. Hail Shib!

added the team.

Earlier, on Feb 27, the Shiba Inu leading developer, under the pseudonym Shytoshi Kusama, announced that Shibarium Intake Form went live.

We think this is the real way to build community. Ideally, this intake system will allow us to find the best projects and link them together with others who can help or assist. It’ll allow us to meet the army and remain organized in the process.

 read the blog post.

Shytoshi also mentioned that developers “don’t need to fill out the intake form” to build for Shibarium. “If you and your project want to be informed about what’s coming next, at least one team member from your project should probably reach out.” said the developer, describing the Shibarium launch.

Also read: Dollar Index Rallies after Powell Speech – Stocks Plummet – Recession Alert ON.