Shiba Inu developer promises a bright future with an upcoming NFT gaming project, but SHIB price continues to fall. Shiba Inu (SHIB) price dropped by over 10% to $0.00001641 on May 9 amid a broader crypto market decline. This year, SHIB's returns were 50% below zero, one of the worst performances by a top-ranking cryptocurrency in 2022.
Last week, luxury fashion brand Gucci named Shiba Inu in the list of tokens it would accept for payments in five of its U.S.-based stores. Nonetheless, the bulls have ignored the major adoption news as SHIB price continues to fall under macro and technical pressures.
The prospect of Shiba Inu facing more yearly losses increases as it stays on the path toward its "symmetrical triangle" breakdown target near $0.00001197. The level, which sits around 30% below May 6's price, results from a technical rule that measures symmetrical triangles' profit targets by adding the maximum distance between the structure's upper and lower trendline to the breakout/breakdown point.
Nevertheless, SHIB's shorter-timeframe charts reflects an interim bullish bias.
SHIB has dropped near the red horizontal line near $0.00001667, which has served as an accumulation zone for traders three times since October 2021. For instance, Shiba Inu had rallied by over 100% two weeks after testing the $0.0000167-level as support in January 2022. The level also coincides with the lower trendline of the descending parallel channel, as shown in the chart below. As a result of this confluence, SHIB eyes a price rebound, with the channel's upper trendline near $0.00002000 acting as the interim upside target for the May–June period.
Meanwhile, SHIB's daily relative strength index (RSI) has dipped below 30, an oversold territory that could further catalyze a short-term rebound.
Nonetheless, macroeconomic catalysts — primarily a hawkish Federal Reserve — continue to pose downside risks for the crypto market, including SHIB. So price rallies are likely to sell off at higher levels, thus keeping SHIB on track toward its triangle breakdown target near $0.00001197.
Shiba Inu's developer Shytoshi Kusama offered a bright outlook for the project in what appeared to be an effort to pent-up the market demand for SHIB tokens. The developer noted that Playside, an Australia-based video gaming firm, would feature Shiba Inu-themed nonfungible tokens (NFTs) — called Shiboshi — on their upcoming metaverse game of the same name. He also noted that Shiba Inu would release the documentation of their layer-2 blockchain, Shibarium, by "this month or next.''
The disclosures came after an Ethereum whale bought 74 billion SHIB (worth $1.23 million at press time).
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||71.6%||54||$27 633.20||-0.02%||2.44%||$534 060 036 937|
|2||ETH||Ethereum predictions||75.6%||39||$1 749.35||-0.49%||-0.84%||$214 074 957 233|
|3||USDT||Tether predictions||92.8%||1||$1.001019||-0.11%||-0.16%||$78 566 092 119|
|4||BNB||Binance Coin predictions||75.6%||51||$323.33||-0.83%||-3.57%||$51 051 275 960|
|5||USDC||USD Coin predictions||92.4%||2||$0.999720||0.07%||-0.02%||$34 404 469 197|
|6||XRP||XRP predictions||86%||21||$0.425604||-5.31%||12.54%||$21 684 894 622|
|7||HEX||HEX predictions||59.2%||82||$0.097262||-21.83%||8.78%||$16 866 375 361|
|8||ADA||Cardano predictions||74.8%||43||$0.360665||-3.32%||4.16%||$12 522 887 479|
|9||STETH||Lido stETH predictions||95.6%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|10||DOGE||Dogecoin predictions||70.8%||51||$0.074732||-3.91%||-1.34%||$9 914 772 100|
|11||MATIC||Polygon predictions||77.6%||48||$1.11||-1.86%||-9.15%||$9 659 567 617|
|12||SOL||Solana predictions||75.2%||52||$21.59||-1.00%||4.01%||$8 284 331 535|
|13||BUSD||Binance USD predictions||96%||1||$0.993449||-0.65%||-0.74%||$8 011 194 439|
|14||DOT||Polkadot predictions||73.6%||49||$6.13||-1.26%||-6.49%||$7 164 137 045|
|15||LTC||Litecoin predictions||72%||58||$90.76||-0.41%||6.89%||$6 584 394 664|
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