- Shiba Inu hasn’t benefited hugely from the recent crypto rally.
- The performance of the meme coin has many people worried about its prospects.
- However, will SHIB: The Metaverse save the coin itself from sinking.
Shiba Inu recently announced the plan for his Metaverse, which will have 100,595 plots of land, with the lands classified according to different levels and districts.
The first phase of the SHIB Metaverse will consist of 36,431 plots of land subdivided into four districts: the Defense District, the Growth District, the Currency District, and the Technology District.
Also read: How to Start Trading Crypto – A Beginner’s Guide.
Many investors expected SHIB coin to rally after its Metaverse plans were released on March 30, 2022, but that was not the case as SHIB coin traded sideways and fell the next day, disappointing Investors.
Despite SHIB’s lackluster performance, one can’t take away from the crucial milestone the meme piece took after launching its metaverse, which could inject some usefulness into the piece aside from its meme status.
The poor performance can also be attributed to negative feedback from Billy Markus, the founder of Dogecoin, who said the new project was a ploy devised by the developers to claw back more money from unsuspecting users.
Shiba Inu Price Prediction
The price of Shiba Inu has risen 13.8% over the past month as the coin has not benefited hugely from the rally seen in the crypto industry. The SHIB coin is currently trading below the long-term resistance level at 0.00003138, which should be the next target for the bulls.
As for the bears, the next bearish target should be at 0.00002051. As you can see, the distances between the bearish and bullish targets are the same. Therefore, each side could win and benefit from a move in their preferred direction.
Therefore, I drew a rectangle around Shiba Inu’s latest price action, marked by a high of 0.00002794 and a low of 0.00002540. A break below the upper level would be a buy signal for bulls, and a break below the low should be a sell signal for bears.
By using a rectangle, we narrowed Shiba Inu’s trading range and created more opportunities for investors to buy or sell the crypto.
*This is not investment advice. Always exercise due diligence before making investment decisions.
Shiba Inu daily price chart.
The price of Shiba Inu has only increased by 13.82% over the past month, showing that the coin has not benefited significantly from the crypto rally.