Key Takeaways:
- Shiba Inu has launched the Shiba Eternity card game.
- However, SHIB prices remained non-responsive to the news.
- Shiba Inu has formed a bearish pattern with a -30% price target.
NEW DELHI (CoinChapter.com) — Meme token Shiba Inu has launched a collectible card game called Shiba Eternity in a bid to expand its ecosystem.
In a Twitter spaces event on Sept 23, the Shiba Inu developer team announced the Shiba Eternity game would launch on Oct 1. However, the lead developer Shytoshi Kusama later announced that only the lore and plans of the game would launch on the given date.
Moreover, Shiba Inu developers announced that they would mark Oct 6 as “download day” for the Shiba Eternity game. The trend aims to make Shiba Eternity the most downloaded game across platforms.
Before launch, developers tested the game in Vietnam and Australia. The player response from both countries was highly positive. The Shiba Eternity game has a martial arts theme, with each player owning a “Shiboshi,” a virtual canine they need to protect.
Additionally, the game offers two types of cards – fighter cards and weapon cards. Fighter cards have characters that fight on behalf of a Shiboshi, while weapon cards allow players to attack their opponents.
With the game launch, Shiba Inu plans to appease detractors who say meme coins offer nothing to investors except a huge supply of tokens.
Shiba Inu Price Remained Non-Responsive To The Shiba Eternity Game News
Meanwhile, Shiba Inu’s SHIB token has formed a bearish pattern called the bear flag.
In detail, the pattern forms when a cryptocurrency’s prices chart a sharp countertrend (the flag) after a short-lived trend. Flag patterns usually indicate a reversal of the countertrend. In addition, in a bearish pattern, volume might not always decline during consolidation.
Also Read: Mysterious Wallet Transfers 1.06T Shiba Inu to Coinbase while SHIB Price Falls
Since an uptrend marks the consolidation period after a sharp downtrend, investors move in due to FUD from the price fall. Hence, higher than average volumes often accompany the consolidation period.
Traders calculate the bear flag pattern’s price target by subtracting the flagpole’s length from the breakout price level. As a result, SHIB prices face a fall to $0.00000812, a 29.3% drop from current prices.
SHIB Price’s 50-Day EMA Remains Key Resistance Level
Although Shiba Inu price’s recent rally managed to flip its 20-day exponential moving average (20-day EMA, red wave), SHIB’s 50-day EMA (purple wave) continues to rebuff any upside attempts of the memecoin.
SHIB price copied the wider crypto market’s uptrend on Oct 3 and 4, gaining more than 6% in the two days. However, the meme token fell on Wednesday, but the day’s candle’s long lower wick suggests bulls fought aggressively to defend the 20-day EMA support.
If bears continue selling, SHIB prices might be forced to break below 20-day EMA and test support near $0.0000109. A marketwide sell-off could result in Shiba Inu prices falling 13% from current levels to reach $0.00001 before recovering.
On the other hand, if bulls manage to break the 50-day EMA (purple wave) resistance, Shiba Inu prices would target resistance near $0.000012. Moreover, a sustained uptrend might see SHIB price break past its 100-day EMA (blue wave) to reach $0.0000131 before retreating.
The relative strength index for Shiba Inu remains relatively flat, clocking at a neutral 49.36 on the daily charts.
At writing, SHIBUSD was trading at $0.00001143, down 0.17% on the day.
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