Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
SHIB Price on Verge of Triangle Breakout After Kusama’s Update

SHIB Price on Verge of Triangle Breakout After Kusama’s Update

DailycoinDailycoin2024/09/25 04:43
By:Dailycoin
  • Shiba Inu price breakout chances are solidified with a bullish triangle.
  • Shytoshi Kusama appears in Token2049, hinting at a new utility case.
  • SHIB’s lead dev fights off FUD, echoing Ryoshi’s decentralized vision.

The mainstream digital meme currency Shiba Inu (SHIB) tacked on a 10% rebound rally over the past 7 days, signaling a potential breakout. This has been confirmed by several technical analysts, who spotted a symmetrical triangle on Shiba Inu coin’s price charts.

How SHIB’s Symmetrical Triangle Can Play Out

Combined with a double bottom, this could lead to an extended streak to $0.000045, Mario Nawfal’s Roundtable reports. Meanwhile, other analysts aim higher, as Shiba Inu hasn’t gone below the last accumulation block of $0.00001200 since August 5, 2024. Currently, SHIB is 83% below the all-time peak of $0.00008616, hit on October 28, 2021.

Shiba Inu #SHIB could target highs last seen in late 2021 following a symmetrical triangle breakout.

Bulls are ready to leverage the 0.236 Fibonacci support at $0.00001104 as defense.

Major resistance lies at $0.00001643, representing the highs of mid-August. pic.twitter.com/CD2Hei9CbF

— Jason McCutcheon (Stonktradomus) (@AGuyNamedSomet1) September 24, 2024

Judging solely on technical analysis, the 0.236 Fibonacci levels showcase defensible support for Shiba Inu’s bulls at $0.00001104. Currently, Shiba Inu coin’s price remains at a level where 48% of SHIB holders are making a profit, IntoTheBlock reveals. On the way up, SHIB can expect a hefty challenge at $0.00001643, where retail traders are likely to start taking profits.

Shytoshi Kusama Teases Upgrade At Token2049

As Shiba Inu matures into a decentralized ecosystem rather than a regular dog-themed meme coin, Shibarium’s lead developer, Shytoshi Kusama, has appeared in Token2049, one of the largest annual crypto conferences on the planet. YouTuber Raajeev Anand filmed a video of himself shaking hands with the masked Shytoshi Kusama .

Next 2 week for $SHIB is more Interesting 🤨 @ShytoshiKusama pic.twitter.com/gyTyN3XfP8

— Raajeev Anand (@rajeevanandspur) September 19, 2024

Appearing in a Ninja-style masked costume for the second time, Shytoshi Kusama stated that “something big” is coming in the next two weeks for Shiba Inu’s Ecosystem. SHIB’s own DeFi solution, the Layer-2 blockchain Shibarium, has garnered a user base that comprises a total value locked (TVL) of $1.44M, according to DefiLlama.

In his X thread, the YouTuber didn’t provide many details about the upcoming upgrade, but Shy Kusama hinted at a major new utility case for Shiba Inu. The fees garnered on Shibarium L2 have contributed towards Shiba Inu burns , as the meme coin asset yielded a 98% gain since Shibarium’s inception.

As of press time, the Japanese guard dog-styled crypto currency Shiba Inu is changing hands at $0.00001469, fetching 1.3% gains over the past 24 hours. Sporting a 0.88 price correlation with Bitcoin (BTC), Shiba Inu coin is still some distance away from its monthly peak, clinched at $0.00001535 on August 25, 2024.

On the Flipside

  • Shytoshi Kusama dispelled several allegations on social media after one crypto enthusiast on X complained that SHIB’s developer team had been acting “fraudulent” and “immoral”.
  • Before the message was deleted, Kusama responded : “I have only done well for Shib, and will continue to do so until, and after, I complete Ryoshi’s vision with or without your blessings.”

Why This Matters

This level of continuous growth on a global scale has put SHIB among the leading major-cap altcoins, while new utility cases often come with price appreciation.

Discover DailyCoin’s trending crypto stories:
SEC Crypto Fines Surge to $4.68B in 2024, More Than All Other Years Combined
Ether ETFs Bleed $79.2M as Bitcoin Funds Extend Positive Streak

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Former CFTC Chairman Talks About Official Trump (TRUMP) Token

The former Chairman of the US commodity regulator CFTC spoke about Official Trump, which was launched by Donald Trump.

Bitcoinsistemi2025/02/01 14:33