Shiba Inu traders must be nervous after receiving the last tweet and audio recording from founder Ryoshi just before deleting all their social media accounts. According to crypto analyst Filip L, traders will question whether it was just the founder who left the meme coin to stand on its own, or whether there will be more details while the LUNA debacle is still on their minds. As a result, the SHIB has pulled back and the analyst says hopes of a bullish breakout are dwindling for now as confidence will take time to rebuild. We have prepared Filip L’s SHIB analysis for our readers.
“SHIB price break delayed due to uncertainty”
SHIB price action seems to have been relatively affected after Ryoshi’s last tweet. While Ryoshi has warned several times that he has no intention of staying indefinitely, the news has made traders nervous about future losses, questioning whether it is the right time to buy or if there is something else in the meme coin itself that could trigger it. Investors are just starting to ignore the recent LUNA debacle.
SHIB price is technically set to break above the red descending trendline and retrace the historical key level at $0.000001209. But now, based on where the price action will appear new monthly support levels from Wednesday, the breakout is likely to be delayed and not happen until a later stage as it will now first look back to support around $0.00000965 or higher.
Because a new trading month is just around the corner. In a few days, once traders are fully confident and news of the founder’s resignation fades into the background, a bullish breakout could occur with the SHIB price action retracing $0.00001209 and possibly $0.00001708.
As mentioned above, the question remains if something else is cooking under the hood. Is there a similar risk with LUNA? Admittedly, SHIB is not a stable coin and therefore behaves completely differently, but traders may still suspect something is wrong. In a situation where traders’ confidence is shaken, the price action could drop below $0.00000965 and the SHIB could be oversold with a sort of vote of no confidence by the traders, which will reduce the price action to $0.00000655.
