The Shiba Inu memecoin is seeing a bearish trend as it strays from the symmetrical triangle pattern, which shows a period of price consolidation before a breakdown or breakout. Currently, the price of a SHIB token is $0.00001106. Although a typical scenario indicating a symmetrical triangle pattern can mean a bearish or bullish turnout, things seem to be going sideways for the dog-themed memecoin. Although there has been a major withdrawal of 1.72 trillion SHIB tokens from the Huobi exchange, the reduced supply isn’t doing much to increase price momentum.
Bearish Price Prediction Despite New Game Release
The first ever Shiba Inu game, titled Shiba Eternity, has just launched. It’s available on all global platforms for Android and iOS users to download and play. Many Shiba Inu proponents have been wondering how the price will react to this latest development. However, there has been little change so far.
Withdrawal of 1.72 Trillion SHIB tokens from Huobi Exchange
According to blockchain analysts, a crypto whale, which is usually a crypto wallet that moves large amounts of digital assets, withdrew 1.72 trillion SHIB tokens from a count in the Huobi exchange. If the supply-demand rule were to apply, the reduced supply would cause the price of remaining SHIB tokens to go up.
At the time of the transaction, the SHIB tokens were worth $19.4 million, but the price dip has reduced their value to $19.1 million. Usually, a group of investors is responsible for moving such a large number of tokens into their crypto wallets. Such a major transfer almost always has an effect on the market.
Winner of Shiba Eternity Contest Wins 451 Million SHIB
Back in September, the Shiba Eternity Twitter account announced a contest. Participants were tasked with creating a half-minute long trailer for the new game. The rules required them to include in-game footage as well as other attributes of the game. The announcement stated that the winner would receive $5,000 in SHIB tokens, and that company staff would contact the winner over Discord.
While such a development could give rise to bullish attitudes among investors, the rigidity of the USD is contributing to the coin’s bearish run.
The Future of SHIB Prices
Current trading prices of Shiba Inu tokens are $0.000011, hitting 24-hour trading volumes worth $107,543,318. Over the last day, SHIB has increased by 0.4 percent. As of now, it ranks 14th on CoinMarketCap.
SHIB has moved past the symmetrical triangle pattern at $0.00001119, so bearish candles closing below this level could mean a continued downward trend. It’s likely to see some resistance around $0.00001119, followed by a 50-day moving average. Hence, it’s unlikely that the coin will reach a value of $1 by the end of this year.
James Thompson