24 January 2024
Shiba Inu marketing lead Lucie has ignited the community’s excitement with a teaser about the project’s future. On X, the platform that has taken the place of Twitter, Lucie dropped a tantalizing hint about what’s to come for the Shiba Inu ecosystem. Her message, shrouded in mystery, suggests a bullish future while details remain undisclosed.
Lucie teased, “I can’t disclose specifics, but if you possess basic blockchain skills and understand the Shibarium process, you can anticipate what’s ahead.” Lucie continued by highlighting the interest from significant investors: “Big investors are now putting their money into the next big thing.” She also shared an intriguing viewpoint on investment, “A fun fact: real art is finding the gem before anyone else.”
She also expressed her confidence in the project’s trajectory, emphasizing the commitment of the team: “I believe in our hard work and persistence; winning is the only option.” She mentioned Shibarium (BONE), LEASH and SHIB in reference to the tokens within the Shiba Inu ecosystem, suggesting that one or more of these tokens will be central to what’s coming next.
In conclusion to her message, Lucie reminded the community of the personal nature of investment goals and the relationship between investment and potential returns: “But remember, each of us has different goals, and how much you invest determines how much profit you collect.”
She encouraged realistic goal setting and wished everyone luck: “Set your bar realistically, and let’s see how it goes. Good luck to everyone on their journey with Shiba Ecosystem or any other project!”
Shiba Inu Price Holds Key Support
Transitioning to the technical analysis of Shiba Inu’s price action, the weekly chart reveals a number of critical insights. The chart below displays the SHIB/USD pair on a weekly timeframe, offering a broad view of market sentiment and price trends.
The price is currently hovering above a crucial support level, as indicated by the recent candles sitting atop the Fibonacci retracement level of 0.236, priced at $0.00000878. This zone is pivotal as it represents a potential reversal area where buyers have previously stepped in.
The descending trend line, drawn from the highs of August 2022, was broken in December 2023, suggesting a shift in the market structure. However, the price has since retested this line, now acting as support.
The EMA (Exponential Moving Average) lines — 20 (red) and 50 (orange) — are of particular interest. Within the last three weeks, SHIB couldn’t close above the EMA50 ($0.00000975) and is currently trading below the EMA50 ($0.00000904). A weekly close above the latter could be a bullish sign.
Notably, the price has been making lower highs, indicative of a downtrend, but the recent support hold above the blue trend line and the 0.236 Fib could be a sign of potential bullish momentum.
The volume profile shows no significant spikes, indicating a lack of strong buying or selling pressure at the current levels. The RSI (Relative Strength Index) sits just above the midline at 54.71, which does not denote an overbought or oversold market, aligning with the consolidation narrative.
Key resistance levels to watch are the Fibonacci levels of 0.382 ($0.00001049) and 0.5 ($0.00001188). A break above these could signal a stronger recovery. Conversely, if the price falls below the current support, the next level to watch would be $0.0000715.