- Shiba Inu price decline has not been matched by increasing volume, suggesting it is not token specific.
- ShibaSwap decentralized cryptocurrency exchange (DEX) in testing mode, to be released to the public soon.
- Social volume stabilizes during another period of price weakness.
Since June, Shiba Inu price has been locked in a descending channel but holding the outstanding May 19 support during the new selling wave in the cryptocurrency complex. The resulting bounce has stalled at the apex line of a previous symmetrical triangle, a level that served as support in late May.
Shiba Inu price falls, but no stampede for the exits
From May 19 to May 24, Shiba Inu price illuminated a symmetrical triangle pattern with a measured move target of $0.00001450, representing a 50% gain at the time. The breakout did materialize but quickly faded as underwater investors used the first sign of strength to reduce position sizes.
During the May 28-30 period, Shiba Inu price balanced along the apex level of the symmetrical triangle, registering an inside day on May 30 and leading to another quick burst that was quickly faded.
Since June 3, Shiba Inu price has trended lower in a descending channel accumulating a 40% decline for SHIB. However, it is interesting to note that the volume underpinning the descending channel has been declining, revealing there is no stampede for the exits, despite the weakness. In fact, over the last few days, the volume has not eclipsed the 50 four-hour average.
The limited 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. SHIB could still become the flavor of the summer with some help from the market.
In the short term, Shiba Inu price could be locked between the symmetrical triangle apex at $0.00000763 and the May 19 low at $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 rookie cryptocurrency with commitment.
SHIB/USD 4-hour chart
Shiba Inu price to get a boost with the new ShibaSwap platform
ShibaSwap, a new decentralized cryptocurrency exchange (DEX) of Shiba Inu, will be launched shortly. It is a coin exchange like UniSwap or PancakeSwap. According to social media, the platform has been working for weeks, but it still is being audited to ensure complete security and transparency.
Finally !!! Update about #ShibaSwap pic.twitter.com/lS913D9TES
— LT_Shiba (@Lt_shiba) June 6, 2021
