Key Takeaways:
- Shiab Inu coin could drop an additional 25% after a choppy weekly performance.
- SHIB price action formed a symmetrical triangle.
- Shiabrium launched intake forms, to make building on Shiba blockchain easier.
YEREVAN (CoinChapter.com) — Shiba Inu coin SHIB risks dropping by 25% by March 2023 from its current price levels due to a classical technical setup.
SHIB Paints 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.
A breakout above the triangle’s upper trendline qualifies the price to rise by as much as the pattern’s maximum height. That theoretically puts the SHIB price toward $0.00001631, up 29% from current price levels.
But Shiba Inu’s market bias remains skewed toward bears when considering other indicators (discussed in the next section). As a result, the SHIB price could rather break below the triangle’s lower trendline and eye $0.00000907 as the downside target.
In other words, a 25% loss by March 2023.
Bearish Divergence Detected on Shiba Inu Daily Chart
Shiba Inu’s daily relative strength index (RSI; purple graph at the bottom) shows a bearish divergence from the price action.
In detail, while the price action printed higher lows, the RSI established lower lows. As a result, the deviation between the asset’s price and the RSI could signal a looming decline and support the bearish target of $0.00000907, an over 25% drop from the current price.
Also read: Shibarium launch date delayed as SHIB retests resistance.
However, should SHIB bulls double down, they could confirm the symmetrical triangle’s bullish variant and reach $0.00001630 in the upcoming sessions. The Shibarium launch supports the optimistic stance. But can it bring SHIB short-term advance?
“Shibarium Intake Form” Goes Live
On Feb 27, the Shiba Inu leading developer, under the pseudonym Shytoshi Kusama, announced that Shibarium Intake Form went live.
Also read: Shiba Inu price drops 15% despite Shibarium launch hype and record number of holders.
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 launch.
IMPORTANT REMINDER: During the beta all tokens and products on the beta network are for testing purposes ONLY. Don’t get scammed and buy anything you’ll find on Shibarium until the Shibarium main net launch.
concluded the blog post.
