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Shiba Inu Weekly Chart Might Suggest Upcoming SHIB Price Swing, Dev Implies Significant Advance: Details

Wed, 03/23/2022 - 10:21
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Tomiwabold Olajide
SHIB price is looking set for incoming price movement
Shiba Inu Weekly Chart Might Suggest Upcoming SHIB Price Swing, Dev Implies Significant Advance: Details
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As per Shiba Inu's weekly charts, SHIB has been gradually recovering inside a triangle pattern in recent weeks, but it was unable to close above the $0.0000255 level. While the price is looking set for an incoming price movement within the triangle formation, the momentum indicators, especially the RSI, lies near the neutral mark of 50.

SHIB/USD Weekly Chart, Courtesy: TradingView

This might suggest that Shiba Inu might continue its consolidation phase inside the triangle before a possible price breakout. The SHIB price stalled shortly after reaching all-time highs of $0.000088 in October 2021. At a present price of $0.0000234, SHIB remains down nearly 73.48% from its ATH.

As the market awaits its next major move, Shiba Inu whales have become more active over the last 24 hours as the number of large transactions rose by 35%, per IntoTheBlock data. Spikes in large transactions often point to high activity among institutional players, or whales, who are either buying or selling.

The top 100 Shiba Inu holders have likewise increased their portfolios, as WhaleStats reports a 121.5% rise in the average SHIB balance of this category of investor. The average SHIB value of their portfolio has also grown by 123.47%. Simply defined, a whale is someone who owns a lot of cryptocurrencies or is otherwise a large holder.

Besides, Shiba Inu has a lessened 30-day correlation with BTC at 37%, suggesting a gradual decoupling from BTC market price action.

Shiba Inu dev highlights ''huge advancement''

NOWPayments, a noncustodial crypto payments processor, has introduced a new feature that allows merchants to burn a portion of profits they receive in Shiba Inu (SHIB) or Doge Killer (LEASH).

According to Shiba Inu Lead Developer Shytoshi Kusama, ''This is a huge advancement for all of the merchants that currently (and in the future will) accept SHIB for payment,'' which also implies a significant advancement in a bid to burn more SHIB.

Burning refers to the process of permanently removing a certain amount of tokens from circulation. This is believed to make the token scarce, thus driving up value in the long run.

Merchants simply have to choose the percentage markup for burning tokens. NOWPayments automatically calculates the specific amount of SHIB or LEASH that has to be sent to a dead wallet.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.