SHIB Delivers New Good News: Analyst Expects Explosion!

Brazilian football club Sao Paulo FC now accepts popular meme coin Shiba Inu (SHIB) as ticket payment. According to crypto analyst Duo Nine, over the past few weeks, the Shiba Inu has formed a large descending triangle and is approaching its price peak.

SHIB accepted as payment by Brazilian football club

Brazilian football club Sao Paulo FC now accepts Shiba Inu and cryptocurrencies as ticket payment. Sao Paulo, a professional football club dating back to 1930, announced that it accepts cryptocurrencies through its official sponsor and partner Bitso. Members of Sao Paulo’s Socio Torcedor program will now be able to purchase tickets for their team’s matches using cryptocurrencies, including SHIB, according to a tweet on the member fan page

. As you may remember from the news of Cryptokoin.com , Bitso announced that it supports Shiba Inu on its platform in early January. My picture accompanying the tweet shows it’s also accepted via BitPay.

An SHIB user is also SHIB’s BitPay by Sao Paulo FC. Confirmed through. Crypto payment processor BitPay officially began supporting Shiba Inu in late 2021, allowing SHIB spend at hundreds of BitPay merchants where Shiba Inu is accepted. With this move, Sao Paulo, one of Brazil’s largest and most decorated clubs, is reportedly the first team in the country to accept cryptocurrencies.

Whales keep accumulating SHIB

SHIB is among the top 10 most bought tokens among the top 500 ETH whales in the last 24 hours, according to WhaleStats data currently facing backlog from whales or large holders.

On June 3, an ETH famous for its May buying frenzy whale ‘BlueWhale0073’ bought 129,525,133,807 SHIB worth $1,413,119.

According to crypto analyst Tomiwabold Olajide, the price of the Shiba Inu is 0 It continues to consolidate in a tight range between $0.0000106 and $0.0000113 which means a close move. Shiba Inu added thousands of holders within days as this metric number reflects growth. According to WhaleStats, there are a total of 1,175,413 SHIB holders.

“SHIB’s consolidation will soon end with a big bang”

According to crypto analyst Duo Nine, in the past weeks, the Shiba Inu formed a large descending triangle and the price approaching its peak. The next direction of SHIB will be decided when a breakout occurs, the analyst said. Duo Nine continues their analysis in this direction.

• Key Support level: $0.0000010, $0.000008
• Key Resistance level: $0.0000011, $0.0000014

With the key support of $0.000010, the price of SHIB will approach a critical point. The descending triangle, marked in blue on the chart below, is just days away from reaching its zenith. This pattern is a textbook bearish break (70% break to the bottom), but a bullish break is also something to keep in mind. SHIB will likely break the key resistance at $0.000011 and target higher if it breaks above.

SHIB’s technical indicators

• Trading Volume: Trading volume is almost non-existent right now, mainly due to the weekend.
• RSI: The daily RSI failed to rise above 50 points and is currently heading lower. That’s a bit of a downgrade.
• MACD: Daily MACD remains bullish, but histogram reflects volume lower.

The analyst states that the bias on the SHIB is neutral and this triangle must be broken to change this bias. According to the analyst, while most of the market is stable, Bitcoin is consolidating between $28-30k, while SHIB is expected to consolidate until the exit of the expected triangle. The aforementioned indicators are also giving mixed signals, so it’s best to prepare for the worst outcome or breakout and hope for a positive breakout if you’re a SHIB holder.