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Shiba Inu Nears Play-to-Earn Debut, Yet SHIB Price Risks Invalidating Bullish Wave Count

Last Updated April 10, 2024 12:09 PM
Valdrin Tahiri
Last Updated April 10, 2024 12:09 PM

Key Takeaways

  • The Shiba team announced that the first internal build for its play-to-earn game is already out.
  • The SHIB price approaches the end of its symmetrical triangle pattern which has existed since March.
  • Will the SHIB price break out from this triangle and move to new heights or is a breakdown in store?

The Shiba team is getting closer to launching its first play-to-earn game in the Shibarium blockchain. The mobile version of the game already exists and has been extremely popular.

The SHIB price also trades at a critical level, since it is approaching the end of its month-long pattern. As the end of the pattern draws near, all eyes are on whether SHIB can break out from it, or if a breakdown is the most likely option instead.

What is Shiba Eternity?

Shiba Eternity is a collectible card game. The mobile version launched in October 2022 and has been extremely popular. The android version  has a rating of 4.3 and more than 100,000 downloads.

Its play-to-earn version will launch on Shibarium in Q3. It will give extra utility for the Shiba Inu’s public blockchain, Shibarium , who right now has a Total Value Locked of only $2.81 million, mostly by the WoofSwap decentralized exchange.

On April 8, the team announced  that the first internal build for the P2E version of the game is already out, fixing several existing bugs. The following updates will introduce breeding , a concept similar to the Axie Infinity game.

Despite these positive developments, the SHIB price risks breaking down from its symmetrical triangle pattern, invalidating the bullish wave count in the process.

SHIB Price Prediction: Will Bullish Count Survive?

The daily time frame technical analysis suggests that SHIB is likely in wave four of a five-wave upward movement, which took the shape of a symmetrical triangle. This is the most common pattern in such corrective structures.

Initially, it seemed that SHIB will break out from the triangle, since both the RSI and MACD generated hidden bullish divergences (green). However, the SHIB price is approaching the end of the pattern and has not broken out yet. To the contrary, it is very close to the triangle’s support trend line.

If the SHIB price breaks down from the triangle, it will invalidate the hidden bullish divergences.

Shiba Inu Price Risks Breakdown
SHIB/USDT Daily Chart | Credit: TradingView

So, the future trend’s direction will be determined by whether the memecoin breaks out or down from the triangle. A successful breakout will confirm the beginning of wave five and can lead to a 160% increase to $0.000072.

On the other hand, a breakdown can trigger a drop between the 0.618-0.786 Fib retracement support levels at $0.000016-$0.000022. This will be an average decrease of 30%.

SHIB Price at Make-or-Break Level

The SHIB price is approaching the end of its symmetrical triangle pattern that has existed since March 5. Whether it breaks out or down from it will determine the future trend’s direction.

A breakout can catalyze a rapid increase, marking the beginning of the fifth and final wave of a long-term upward movement. Conversely, a breakdown will indicate the SHIB price is still correcting.

 

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