• Fri. Jul 19th, 2024

Shiba Inu clears $0.0000125 resistance but is the token a buy?

  • Shiba Inu token has risen above a key resistance

  • Price has been surging in the past week

  • Shiba Inu team teased the Metaverse WAGMI Temple last weekend

Shiba Inu SHIB/USD is witnessing increased buying pressure. As of press time, the trading volume of the meme token was up 102% in the last 24 hours. That’s despite the price cooling by 4% after the latest gains. Bulls could be taking a break after SHIB breached the $0.0000125 resistance.

Once again, welcome to the Shiba Inu metaverse – the project that is anticipated to take SHIB to the moon. On September 3, Shiba Inu teased fans with the Metaverse WAGMI Temple, a mock of its virtual reality world. The “zen-like” universe comes with natural beauty and sensations. It also allows spiritual connections to the outer world, reads the Shiba Inu blog.

There is a lot of enthusiasm that Shiba Inu’s metaverse will be a true evolution. It marks the beginning of its steps to get rid of the meme tag by having real utilities of the native token. The WAGMI temple illustration reignited the hopes of the metaverse dream. 

Shiba Inu price and prediction

It is early to ascertain that the virtual reality illustration boosted SHIB’s price. However, we know how much of an impact slight news can impact SHIB price. Technical points already show a breakout has occurred.

Source – TradingView

A technical outlook of SHIB shows a breakout has occurred at the key resistance. The token trades at $0.000013, slightly above the breakout zone. The price has also crossed above the 20-day and 50-day MA. The MACD indicator is also turning bullish. What next?

Final thoughts

A break above $0.0000125 builds a bull case for SHIB. However, a breakout has been followed by the formation of tailed bars. It illustrates bull exhaustion. Likely price behavior is consolidation. Watch for bullish signals.


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The post Shiba Inu clears $0.0000125 resistance but is the token a buy? appeared first on CoinJournal.