The Struggle Continues for Shiba Inu
On May 9, Shiba Inu (SHIB) took a nosedive, dropping more than 10% to $0.00001641, marking a substantial setback amidst a broader downturn in the cryptocurrency market. This year, SHIB’s performance has been dismal, wallowing 50% below zero. Ouch! At this rate, the only thing worse than Shiba Inu’s performance might be my attempts at cooking spaghetti.
Gucci’s Support: Does it Matter?
Last week, luxury fashion brand Gucci dropped some surprising news— they are accepting SHIB as payment in five of its U.S. stores. You’d think this would pump up the price like fizzy soda on a hot day, but nope! Bulls are still ignoring this adoption news as SHIB prices dip further amid macro and technical turbulence. Maybe the bulls left their glasses at home?
Triangle Breakdown: A Cry for Help?
Theoretically, SHIB is on track for some more losses, as it’s headed towards a “symmetrical triangle” breakdown target around $0.00001197. Essentially, if SHIB were a cat, it would be stuck in a box, trying to figure out if it can get out or just wait for someone to finally throw it a kitty treat.
A Short-Term Bounce: Optimism on the Horizon?
On a brighter note, the short-term charts are hinting at a possible bounce back. SHIB recently hit the red zone at $0.00001667—an area that traders have treated like a loyal puppy since October 2021. In fact, SHIB rallied over 100% two weeks after testing this support level in January 2022. Now, as it stands at the lower trendline of the descending parallel channel, traders are eyeing a price rebound. If only fortune cookies had this kind of foresight!
RSI Dips and the Road Ahead
The daily relative strength index (RSI) for SHIB has dipped below 30, slipping into oversold territory— possibly paving the way for a short-lived rebound. However, don’t pop the confetti just yet! Macroeconomic factors, including the hawkish Federal Reserve, might just put a damper on SHIB trading parties. Any price rallies could be short-lived, sending SHIB towards its triangle breakdown target once again.
Promising Developments from the Shiba Inu Team
shytoshi Kusama, the benevolent developer of Shiba Inu, hasn’t lost hope! He recently shared a promising outlook, hinting at upcoming features and collaborations. Stay tuned for Shiboshi-themed NFTs and the documentation for their eagerly awaited layer-2 blockchain, Shibarium, which is expected to drop soon. It’s like waiting for a bus; you never know when it’ll arrive, but you can count on it eventually coming!
In summary, while Shiba Inu has stumbled into a rough patch, the whispers of recovery mixed with new developments offer a light at the end of the tunnel—or at least the prospect of a redeeming cup of coffee on Monday morning.
