Justin Sun, the founder of Tron (TRX), recently raised $6 million in Shiba Inu (SHIB) from his address on the Binance crypto exchange. Investors are wondering if a decline is imminent for the meme project. According to well-known crypto analyst Ali Martinez, SHIB is actually showing signs of a breakout. He argues that if SHIB stays above a crucial support level, the price could rise.
#ShibaInu is showing signs of an outbreak! If $SHIB maintains crucial support level at $0.0000103, the next stop for #SHIB could be $0.0000140. pic.twitter.com/Aml4vtSeQK
– Ali (@ali_charts) December 16, 2023
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Shiba Inu news
Sun removes SHIB from the exchange
A significant price increase occurred on December 17th, with the coin’s price reaching a local high of $0.00001165. On the daily timeline, SHIB has been in a rising parallel channel since June, indicating a short-term trend of gradual increase. A rising parallel channel is a technical analysis pattern that consists of two parallel upward lines that represent the support and resistance levels of an asset, with price trending upwards within these boundaries. The coin failed to sustain its rise and the price fell to a value of around $0.000010.
Additionally, Shiba Inu’s Relative Strength Index (RSI) shows a mixed picture. The RSI is above 50, which usually indicates a bullish (positive) trend, but is in a downtrend. It could be an omen of a possible downward trend reversal.
Famous boxer chooses shibarium
The Manny Pacquiao Foundation, founded by famous boxer and politician Manny Pacquiao, has chosen Layer 2 Shibarium for its operational needs. Jon Sisson, executive director of the foundation, emphasizes that Shibarium will help them strengthen and expand their philanthropic mission to more people worldwide. The Manny Pacquiao Foundation’s launch of Shibarium demonstrates the growing importance of blockchain technology in the nonprofit sector, with an emphasis on transparency and operational efficiency.
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