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Dog-themed cryptocurrency Shiba Inu (SHIB) paused a retreat that began at the very start of the week and now faces a crucial pivotal test.
SHIB stopped short of the $0.000009 mark in Wednesday's trading but reached intraday highs of $0.00000899 at press time. Shiba Inu saw three straight days of losses and, in the process, hit the key support at $0.0000084.
The significance of this level is the possibility of a base for the Shiba Inu price at this key level and even a renewed climb if this support holds. This is crucial given that SHIB has rebounded twice from this key level in January.
That said, the path seems to be tilted to the upside for Shiba Inu, based on the appearance of the bullish cup and handle pattern on its daily chart. The cup with handle is a technical price chart that forms the shape of a cup and a handle, often marked by a consolidation period followed by a breakout.
If this is the case for Shiba Inu, bulls would have to confront a massive 240 trillion SHIB barrier, whose triumph might cause the SHIB price to erase a zero and ultimately lock in about 80% gains.
According to IntoTheBlock data, the next barrier from where SHIB presently trades is between the $0.000009 and $0.000014 levels, where 240.59 trillion SHIB were bought by 347,430 addresses for an average price of $0.000011.
At the time of writing, SHIB was up 4% in the last 24 hours to $0.00000891.
Shiba Inu receives innovations and upgrades
In a new tweet, Blockchain Explorer Blockscout says it has launched a "DAppscout" for the Shibarium Mainnet, making it easier for users to access Shibarium dApps.
Shiba Inu partner Welly's fast food restaurant has also shared the exciting news that it has developed a bot working on Shibarium that inscribes daily sales. This would allow Welly holders to be able to track the performance of Welly's physical stores on the blockchain.
Tomiwabold OlajideShibarium is also set to introduce a transformative token-burning mechanism. Starting this January, the burn mechanism will evolve into an automated system on Shibarium testnet Puppynet for testing purposes.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team