Shiba Inu recently announced the blueprint for its Metaverse, which shall have 100,595 plots of land, with the land being classified based on various tiers and districts.
The first phase of the SHIB Metaverse shall have 36,431 plots of land subdivided into four districts: the Defense District, the Growth District, the Currencies District, and the Technology District.
Many investors expected the SHIB coin to rally higher after the release of its Metaverse plans on March 30, 2022, but this was not the case as the SHIB coin traded sideways and fell on the following day, disappointing investors.
Despite SHIB’s lacklustre performance, one cannot take away the crucial milestone achieved by the meme coin after the launch of its Metaverse, which could inject some utility into the coin apart from its meme status.
The poor performance may also be attributed to the negative comments by Billy Markus, Dogecoin’s founder, who said that the new project was a scheme hatched by developers to grab more cash from unsuspecting users.
The Shiba Inu price has risen by 13.8% in the past month as the coin failed to benefit immensely from the rally witnessed across 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 downside target should be at 0.00002051. As you can see, the distances between the bearish and bullish targets are the same. Hence, either side could win and profit from a move in their preferred direction.
Therefore, I have drawn 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 top level would be a buy signal for the bulls, and a break below the low should be a sell signal for the bears.
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 do your due diligence before making investment decisions.
Shiba Inu daily price chart.
The Shiba Inu price has risen a mere 13.82% in the past month, showing that the coin did not benefit significantly from the crypto rally.
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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading