Since June, SHIB's price has been locked in a descending channel but holding the outstanding May 19 support level during the new selling pressure wave in the cryptocurrency complex. The resulting bounce has stalled at the apex line of a previous symmetrical triangle pattern, a level that served as support in late May.
From May 19 to May 24, Shiba Inu's price illuminated a symmetrical triangle pattern level with a measured move target price of $0.00001450, representing a 50% gain at the time. The breakout did materialize but quickly faded as underwater traders used the first sign of strength to reduce position sizes.
During the May 28-30 period, Shiba Inu price balanced along with the apex level of the symmetrical triangle pattern, registering an inside day on May 30 and leading to another quick burst that was quickly faded.
Since June 3, Shiba Inu's price has trended lower in a descending channel accumulating a 40% decline for Shiba Inu. However, it is interesting to note that the trade volume underpinning the descending channel bands has been declining, revealing there is no stampede for the exits, despite the weakness. In fact, over the last few days, the trade volume has not eclipsed the 50 four-hour average.
The limited trade volume validates the view that the recent drop is more a function of the weakness and volatility in the cryptocurrency complex rather than being token-specific. Shiba Inu could still become the flavor of the summer with some help from the market.
In the short term, Shiba Inu's price could be locked between the symmetrical triangle pattern apex at $0.00000763 and the May 19 low at the price of $0.00000607 until the broader market reconciles the uncertainty that has been omnipresent since the May 19 and 23 crashes. Once that occurs, investors should engage the meme cryptocurrency with commitment.
ShibaSwap, a new decentralized cryptocurrency exchange of Shiba Inu, will be launching soon. It is an exchange like PancakeSwap or UniSwap. According to social media, the platform has been working for weeks, but it still is being audited to ensure complete security and transparency.
The new ShibaSwap DEX will allow buyers to trade between SHIB and other tokens, thereby raising the newcomer’s profile among crypto investors.
Many faithful Shiba Inu's followers are getting anxious about the formal release. Still, during a period of dislocation in the cryptocurrency market, it is better to continue testing rather than having the release drowned by bigger news. Focused attention is fundamental to transforming a meme asset into a mainstream player.
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