Shytoshi Kusama, the lead developer of popular meme coin Shiba Inu (SHIB), posted a mysterious tweet. According to crypto analyst Filip L, a bearish counterforce has halted SHIB’s two-day winning streak.
Mysterious Shiba post from leading SHIB developer
cryptocoin.com As we reported, Shytoshi Kusama, the lead developer of popular meme coin Shiba Inu (SHIB), tweeted a mysterious ‘WOOF’ to encourage the SHIB community during a massive price drop. The community started posting in response to the same SHIB. This shows that Kusama instilled courage in the community.
Many began to ask if this tweet somehow hinted that Shibarium would be released soon. A week ago, Shytoshi Kusama tweeted that the ‘first design’ has been approved and can now ‘double up’. Kusama is currently focused on building the Shibarium. That’s why commentators are also starting to wonder when the long-promised layer 2 protocol for SHIB will be launched.
“Shiba Inu drowns as bears get into fights”
Shiba Inu price tested the green ascending trendline on Nov. It also saw a confirmed test on November 14. After price action dipped below that, the bulls are currently failing to close on Wednesday. However, they try to build on it. A second test took place this morning at the ASIA PAC session. However, it failed again. Because this time the red descending trendline came to give a definitive rejection. Or did the bulls turn their attention to the Detroit Lions and the turkey?
SHIB is currently at risk of turning into a bull trap. We see how the rejection is overwhelmed by sell orders and the bears are back to pull the price action down. A similar pattern worked for the US dollar, which peaked overnight and is now falling again. They seem to go hand in hand with SHIB right now. If the US dollar depreciates further and equities pull back, expect to see a return to this week’s low of $0.00000817.
With the holiday season on, the USA is digesting pumpkin pies and stuffed turkey. It is possible that this drop is a short pause before buying back cryptocurrencies. Once the price breaks above this red descending trendline, a rapid increase in the 55-day Simple Moving Average towards $0.00001049 is possible before jumping from the $0.00001124 low to the 200-day SMA. Traders attempting to buy this short bottom are likely to see a roughly 25% increase in their portfolio.
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