Shiba Inu (SHIB) Analysis
In addition to AI chart patterns, altFINS’ analysts conduct technical chart analyses of top 30 cryptocurrencies. We call these Curated Charts and they evaluate 5 core principals of technical analysis: Trend, Momentum, Patterns, Volume, Support and Resistance.
Shiba Inu (SHIB) technical analysis:
Trade setup: Price is in a Downtrend, however, it had a bullish breakout from Channel Down pattern, which could signal at least a temporary bullish trend reversal with+20% upside potential to $0.000015 resistance. Stop Loss at $0.00000105. This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend. (set a price alert). Learn to trade breakouts in Lesson 7 and Risk Management in Lesson 9.
Pattern: Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout. Learn to trade chart patterns in Lesson 8.
Trend: Short-term trend is Down, Medium-term trend is Strong Down, Long-term trend is Strong Down.
Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.000012, then $0.00001. Nearest Resistance Zone is $0.000015, then $0.000021.
See live Shiba Inu (SHIB) chart here.
Read more curated charts of coins with technical analyses.
Recent news and research:
Shiba Inu: How a 580% burn rate surge can help SHIB holders
Shiba Inu Price Finally Flips Bullish, But Why Are Traders Also Adding This Viral Utility Coin
This Crypto Wallet Turns $8000 worth Shiba Inu (SHIB) to $5.7 Billion in Just 400 Days
Shiba Inu Price Rockets To Yet Another Record High, Surpassing Dogecoin In Market Cap
Shiba Inu ($SHIB) 3rd Most ‘Googled’ Crypto in 2021 Behind $BTC and $ETH, Study Shows
Shiba Inu (SHIB) defies critics with buoyant NFT demand and new all-time high
$233 Billion Asset Manager’s CIO Regrets Not Investing in Shiba Inu ($SHIB)
The Greatest Trade of All Time? A SHIB investment came from $8,000 to $5.7 billion in 400 days.
Shiba Inu Becomes First Meme Token To Live Up To The ‘DOGE Killer’ Title
Find more real-time news here.
Introduction to Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that gained international fame as the self-proclaimed “Dogecoin Killer.” Launched in August 2020, SHIB rapidly became one of the most recognized meme coins, driven by its vibrant community, innovative ecosystem, and widespread social media hype. Built on Ethereum’s ERC-20 standard, SHIB was designed to offer more than just meme value – it provides real-world utility through its decentralized exchange, NFT integration, and future developments in the metaverse.
The Origin and Founders
Shiba Inu was created by an anonymous developer known as “Ryoshi.” Inspired by Dogecoin, Ryoshi sought to build a community-centric project without a central authority. The project followed a fair launch, with no tokens allocated to the team, ensuring equal opportunity for all participants. A significant portion of SHIB‘s total supply (50%) was sent to Ethereum co-founder Vitalik Buterin, who later donated a large portion to charity, including a $1 billion contribution to India’s COVID-19 relief fund.
Shiba Inu’s Ecosystem
The Shiba Inu ecosystem comprises several tokens and innovative platforms:
- SHIB: The primary token and the face of the Shiba Inu community.
- LEASH: A limited-supply token that rewards loyal holders.
- BONE: The governance token for ShibaSwap, allowing the community to vote on future proposals.
Shiba Inu also introduced ShibaSwap, a decentralized exchange (DEX) that allows users to stake, swap, and farm tokens for passive income. Additionally, the Shiboshis NFT collection and the upcoming Shibarium Layer 2 blockchain showcase the project’s ambitions beyond meme coin status.
Technological Foundation
SHIB operates on Ethereum’s blockchain, ensuring security, transparency, and compatibility with smart contracts. Its Layer 2 solution, Shibarium, is expected to reduce gas fees and improve transaction efficiency, enhancing the overall user experience.
The Rise to Popularity
Shiba Inu gained traction through social media platforms like Twitter and Reddit, where its community, known as the “ShibArmy,” actively promoted the project. Celebrity endorsements, including tweets from Elon Musk and media coverage during the 2021 crypto bull run, further fueled SHIB’s meteoric rise.
Future Developments
The Shiba Inu development team continues to innovate, with plans to expand into the metaverse with “Shib: The Metaverse” and launch new DeFi applications. The introduction of Shibarium is poised to make SHIB more scalable and cost-effective.
Conclusion
Shiba Inu (SHIB) started as a meme coin but has evolved into a multi-faceted ecosystem with real-world applications in DeFi, NFTs, and the metaverse. Its strong community, innovative roadmap, and technological advancements position SHIB as a noteworthy project in the cryptocurrency space.
Written byKyle Carigo