Shiba inu actively participates in corrective actions since the start of August. It has worked well to disentangle itself from its original origins. SHIB’s first use was when the token could be used to pay taxes in cryptocurrency.
NOWpayments and ShibaInu announced a partnership in January 2018. This will allow token payments to be used for crypto wages. This isn’t the only real world utility of SHIB per se.
This ecosystem also saw the release of Shib Eternity worldwide. Although the market was launched, it continued to rise.
Due to macroeconomic changes, SHIB is currently under stress. With the latest interest hike by the US Federal Reserve, it can be argued that a recovery by SHIB will be challenging. SHIB, however, has gained bullish momentum in recent months. It is possible that SHIB, the deflationary token, will eventually be able stop falling prices.
What SHIB has done
SHIB has had a remarkable real-world impact on the success of the community. SHIB has been made more widely available in the cryptocurrency market with yesterday’s official listing on BitMEx. As a result of Google’s agreement with Coinbase, the token can also be used to pay for cloud services.
These factors will propel SHIB’s bullish breakout from the descending wedge it now resides in. As of the time of writing, the coin’s trading range is between $0.00000927 and $0.00001219. The momentum indicator suggests that bullish pace is progressively increasing.
Google will accept crypto payments. $SHIBThis list includes cloud services via Coinbase integration, which will begin in early 2019
— Shib (@Shibtoken) October 15, 2022
A recent study has shown that the descending wedges can be bullish as they usually result in positive breakouts. The fact that Chaikin’s money flow index is above the 0.05 level indicates that bulls rule the market.
After preventing the continuation of the downturn, $0.00001018 has shown some resilience.
Is There a Breakout at SHIB?
CMF and momentum indicate a possible uptrend. However, the RSI readings remain on the bears’ side, which could act as a hurdle for the forthcoming breakout. In support of rising Stoch RSI values, the RSI has reached a bullish convergence.
Investor confidence will determine the future performance and success of SHIB. Given the increasing utility of SHIB in the real world, a price breakthrough over $0.00001219 is possible, with a likely test of $0.00001395 resistance. Don’t stop hoarding, SHIB owners!
Featured image from Somag News, Chart: TradingView.com| Featured image from Somag News, Chart: TradingView.com Disclaimer: The author's analysis should not be taken as investment advice.