Key Takeaways:
- Shiba Inu (SHIB) may rally over 50% based on bullish technicals.
- The upside cues follows Shiba Inu’s foray into the metaverse sector, beginning with a new feature.
YEREVAN (CoinChapter.com) – Meme crypto Shiba Inu (SHIB) traded at $0.000031 in the European session on Feb. 17, while hinting at potential gains in the future owing to a bullish setup dubbed “inverse head-and-shoulders.”
In detail, the inverse head-and-shoulders pattern entails three consecutive bottoms – the shoulders and the head in between. All three dips connect through a mutual Neckline (black on the chart below). As the formation progresses, the price action forms the three dips and returns to the neckline.
Also read: Overbought risk emerges in the Shiba Inu market as SHIB rallies over 50%.
Moreover, the pattern predicts a surge if the token conquers the neckline. The SHIB bulls could expect returns as high as 50%, which would bring the SHIB/USD exchange rate to $0.000047.
Additionally, the token formed a bullish Golden Cross on the daily chart. The formation occurs anytime a short-term moving average (MA) crosses above a long-term MA. Furthermore, it predicts a profitable phase for the token holders as long as the MAs stay in the indicated order.
The Golden Cross does not cause the price action to advance. However, it can provide additional assistance if the traders’ incentive changes.
Also read: Shiba Inu (SHIB) debuts in the Metaverse with 'Shiba Inu Metaverse Lands,' Baby Doge follows suit.
Meanwhile, Shiba Inu reached a new milestone for its Twitter account and hoped to conquer the “dream target” of $0.01.
Shiba Inu news
SHIB official Twitter page counted 2.8 million followers on Feb. 12. The page called the followers “friendships,” and the comment section exploded with overly hopeful replies, wishing SHIB could reach $0.01 in value.
Additionally, Shiba Inu’s shift into the Metaverse could help the meme-coin gain more investors and expand profits. As of Feb. 17, Shiba Inu has since fallen over 65% from its all-time high, shedding billions of dollars in value in a few short months.
However, some supporters, like Bigger Entertainment chief Steven Cooper, are calling for a rebound, especially with a Shiba Inu Metaverse in the works. He went as far as to suggest the Shib Army’s desired $0.01 value could be realistic.
Also read: 'Doge Killer' token surges 46% after Shiba Inu creators announce metaverse lands for LEASH holders.
As Shiba Inu commented in the announcement, the company has high hopes for the project.
We have seen the Metaverse space grow at a rapid rate with enormous interest from small and large companies alike.
The Metaverse is set to be one of the biggest areas within crypto for many to enjoy, while others will produce content and developers will set up shops within using it as another great resource to offer crypto communities incentivization, content, and regular royalties.
read the announcement.
