Shiba Inu investors continue to expect $0.01 as a possible price target. However, there are some factors that will support Shiba as the market falls. Let’s look at fundamental and technical analysis for SHIB.
SHIB price awaits this news
The Shiba Inu is trading in a sideways trend as seen on the daily chart. Despite this investor apathy, there are some fundamental developments. SHIB gained 40% after its Robinhood listing in April. Future projects were then announced in an official Shiba Inu blog post. The announcement reported that Shibarium’s tokens SHI and SHIBFE are nearing completion. Shiba Inu lead developer Shytoshi Kusama noted:
I refuse to give any exact dates at this time, but I expect to see one or more of these technologies before late summer or very early fall.
📢The @Shibtoken Discord opens forum, and a community feedback channel for farming-proposal-feedback for #ShibaSwap.
Deadline for Feedback on the channel up until Wednesday 5pm PST // 8pm EST
More information on the attached images: pic.twitter.com/x0KuZEnYBJ
— MILKSHAKE (@shibainuart) June 6, 2022
Shiba Inu also, as reported by Shibainuart, its decentralized exchange ShibaSwap It plans to develop yield farming properties in . As we reported on Cryptokoin.com , the new Shiba Inu model was praised by US politician David Gokhshtein.
This long-term metric points to positivity
The Shiba Inu remains a positive long-term indicator. Meanwhile, thousands of investors continue to buy. According to WhaleStats, the total number of SHIB investors currently stands at 1,176,325.
SHIB trades at a decisive level
Shiba Inu price has produced four distinct lows since May 13. For each of these lower swings, it recorded nearly equal lows of around $0.0000101. Combining these swing points using trend lines creates a descending triangle. This technical pattern predicts a 26% movement in both directions. However, according to analysts, the consolidation pattern has a tendency to dissolve to the downside. Analysts say that with a breach of the lower trendline, SHIB price will head towards $0.0000074.
Although the recent slump appears to be bearish, SHIB buyers are stepping in, according to one month’s past. So SHIB bids between $0.0000106 and $0.0000101. Analysts expect a splash here. Next, the upper trendline of the descending triangle is targeted near SHIB $0.0000114.
If the bulls force a four-hour candlestick to produce above the trendline, the SHIB will mark a bullish breakout pushing it to the theoretical target of $0.00150. In total, this move represents a 47% gain. If Shiba Inu price produces a four-hour candlestick below the bottom of the descending triangle at $0.0000101, it will invalidate the bullish argument and trigger a downtrend. In such a case, investors can expect the Shiba Inu price to drop to $0.0000074 with a potential pause at $0.0000089.
