SHIB Delivers New Good News: Analyst Expects Explosion!

Shiba Inu: Brazilian football club Sao Paulo FC now accepts popular meme coin Shiba Inu (SHIB) as ticket payment. According to crypto analyst Duo Nine, over the past few weeks, the Shiba Inu has formed a large descending triangle and is approaching its price peak.

SHIB accepted as payment by Brazilian football club

Brazilian football club Sao Paulo FC now accepts Shiba Inu and cryptocurrencies as ticket payment. Sao Paulo, a professional football club dating back to 1930, announced that it accepts cryptocurrencies through its official sponsor and partner Bitso.

According to the tweet on the member fan page, members of Sao Paulo’s Socio Torcedor program will now be able to purchase tickets for their team’s matches using cryptocurrencies, including SHIB. As you can remember from its news, Bitso announced that it supports Shiba Inu on its platform at the beginning of January. My picture accompanying the tweet shows it’s also accepted via BitPay.

A SHIB user also confirmed that SHIB was accepted by Sao Paulo FC via BitPay. Crypto payment processor BitPay officially began supporting Shiba Inu in late 2021, allowing SHIB spend at hundreds of BitPay merchants where Shiba Inu is accepted. With this move, Sao Paulo, one of Brazil’s biggest and most decorated clubs, is reportedly the first team in the country to accept cryptocurrencies.

Whales continue to accumulate SHIB

According to WhaleStats data, SHIB is currently facing backlog from whales or large holders as it was among the top 10 most bought tokens among the top 500 ETH whales in the last 24 hours.

On June 3, an ETH whale ‘BlueWhale0073’, famous for its May buying spree, bought 129,525,133,807 SHIB for $1,413,119.

According to crypto analyst Tomiwabold Olajide, the price of Shiba Inu continues to consolidate in a narrow range between $0.0000106 and $0.0000113, which means a close move. Shiba Inu added thousands of holders within days as this metric number reflects growth. According to WhaleStats, there are a total of 1,175,413 SHIB holders.

“SHIB’s consolidation will soon end with a big bang”

According to crypto analyst Duo Nine, over the past few weeks, the Shiba Inu has formed a large descending triangle and is approaching its price peak. The next direction of SHIB will be decided when a breakout occurs, the analyst said. Duo Nine continues his analysis in this direction.

  • Key Support level: $0.0000010, $0.000008
  • Key Resistance level: $0.0000011, $0.0000014

With the key support of $0.000010, the price of SHIB will approach a critical point. The descending triangle, marked in blue on the chart below, is just days away from reaching its zenith. This pattern is a textbook bearish break (70% break to the bottom), but a bullish break is also something to keep in mind. SHIB will likely break the key resistance at $0.000011 and set a higher target if it breaks above.

Technical indicators of SHIB

  • Trading Volume: Trading volume is almost non-existent right now, mainly due to the weekend.
  • RSI: The daily RSI failed to break above 50 points and is currently heading lower. That’s a bit of a downgrade.
  • MACD: The daily MACD remains bullish, but the histogram reflects volume lower.

The analyst states that the bias on the SHIB is neutral and this triangle needs to be broken to change this bias. According to the analyst, while most of the market is stable, Bitcoin is consolidating between $28-30k, while SHIB is expected to consolidate until the exit of the expected triangle. The aforementioned indicators are also giving mixed signals, so it’s best to prepare for the worst outcome or breakout and hope for a positive breakout if you’re a SHIB holder.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.