Key Takeaways:

Shiba Inu continues to expand its ecosystem with a foray into the metaverse.

Yet, SHIB price refused to wake from their slumber.

NEW DELHI (CoinChapter.com) — Shiba Inu has partnered with a neo-bank and forayed into the multiverse, but bearish pressure against SHIB prices remained strong. The meme token failed to rally and continued its crabbing.

Blockbank, a custodial and non-custodial digital asset management firm, announced it would launch support for SHIB tokens on its earnings platform. The firm announced it would offer up to 5% APY on SHIB investments.

In addition, the Shiba Inu team shared plans for the meme token’s ecosystem expansion. Developers teased the SHIB army of an upcoming preview of “Rocket Pond,” the platform’s foray into the metaverse.

Moreover, the announcement stated users stood a chance to win lands through a contest. Shiba Inu partnered with The Third Floor visualization studio to create the platform.

Rocket Pond brings the feel of a hidden resort inside of mountains, The YMCA or KOA camping vibe with wilderness around you mixed with modern luxuries/touristy elements.

Shiba Inu team in a blog post

Furthermore, the SHIB developers stated that rockets represented the “to the moon” dreams of crypto investors, which is why they named the project Rocket Land.

However, entering the metaverse might not be a sure sign of growth. Over the past year, industry giants like Disney, Meta, Microsoft, etc., either shut down or scaled down their metaverse-related divisions due to slow growth and financial issues.

Shiba Inu entering the metaverse might be bullish news, but users would have to wait and see if the blockchain platform survives and grows in the sector.

SHIB Price Moving In Bullish Pattern

Meanwhile, SHIB price has formed a bullish pattern called the ‘bull flag.’

Assets with strong uptrends usually form the pattern. Bull flags consist of a flag pole, resulting from a near-vertical rise in the crypto token’s prices.

A period of consolidation succeeding the steep uptrend forms the flag of the pattern. Despite the strong vertical rally, the asset price does not drop as bulls maintain the buying pressure. As a result, the breakout from the flag pattern often results in a powerful uptrend.

Also Read: War update: Ukraine finance Minister believes China can help Kyiv strike peace with Russia 

Traders calculate the price target of the breakout by adding the length of the flag pole to the breakout price level. Per the rules of technical analysis, SHIB might rise 114% to reach the pattern’s projected price target of $0.00002189 after confirming the pattern.

Shiba Inu Price Continues Crabbing

Despite the apparently bullish cues, the Shiba Inu token price failed to rally, spiking a negligible 1.2% to a daily high of $0.00001036.

Moreover, a multi-week descending trendline rebuffed SHIB price rally on April 19. The downtrend forced the meme coin below its 20-day EMA (red wave) and 50-day EMA (purple wave) dynamic resistance, which SHIB had flipped on April 15.

Since April 21, SHIB price has been crabbing. However, should buyers enter the market after the Rocket Land preview, the meme coin price might rise to its 20-day EMA (red wave) resistance near $0.00001056.

Breaking and consolidating above immediate resistance might help SHIB price challenge its 50-day EMA resistance near $0.000011 before retreating.

Also Read: CRO Price Prediction: Cronos Sees Bullish Breakout and Could Rally Another 20%

On the other hand, if sell-offs continue, SHIB price might drop to its support level near $0.00001004. Moreover, breaching the immediate support level might see the Shiba Inu token price drop to $0.00000095.

The relative strength index for SHIB remained neutral, with a value of 41.61 on the daily charts.

The post SHIB Price Refuses To Rally Despite Bullish Shiba Inu Announcements appeared first on CoinChapter.

---

Filed under: Bitcoin - @ April 29, 2023 4:06 pm