Shiba Inu (SHIB) shared the first concept of another hub in the metaverse project. Meanwhile, a cryptocurrency analyst argues that SHIB should be shorted, that is, shorted. Here are the details…
New development in the SHIB metaverse
Shiba Inu continued to post beautiful images of different parts of her metaverse. After releasing concept art for Rocket Pond and WAGMI Temple, the project shared its first concept art for “Canyon”. According to a blog post today, Shiba Inu views concept art as an initiative that provides her creative perspectives with her strongest points of reference. Similar to Rock Pond and WAGMI Temple artwork, Canyon shared the initial concept in black and white.
“Canyon”; He drew inspiration from many places in the US, including the Badlands in New Mexico, the Grand Canyon in Arizona, Moab in Utah, Mesa Verde in Colorado, Lake Tahoe in Nevada, and the Salt Flats in Utah. The development shows that Shiba Inu and The Third Floor (TTF) have been working relentlessly for the success of SHIB: The Metaverse. Alongside the release of concept drawings for some of the metaverse’s hubs, the team has added professionals who will join the mission to take the project to higher levels.
Shiba Inu analysis points to short selling
Apart from the developments in the SHIB ecosystem, comments on the price are also curious. Shiba Inu price shows substantial evidence that bears are in control, according to analyst Tony M. It may soon force SHIB to lower prices. Shiba Inu price is struggling to reach higher targets, according to the analyst. Throughout September, traders faced shakeouts and fakeouts in both directions. For this reason, the analyst described the meme coin’s performance as “pretty unstable.”
The Shiba Inu is currently trading at $0.00001100. Cumulative volume has decreased during each counter trend rise in the market. According to the volume profile analysis, this supports the idea of a faltering trend. Additionally, Shiba Inu price could see structural resistance near the $0.00001150 and $0.00001100 levels. The Relative Strength Index (RSI) has surpassed the oversold zones in June.
In line with these factors, the Shiba Inu price will continue its downtrend unless it surpasses the September high of $0.0001393. However, the recently rejected 21-day simple and 8-day exponential moving averages could lead to a bearish divergence. Overall, the price is likely to break the September low of $0.00000992. Additional targets stand to result in a 25 percent reduction from the current Shiba Inu price. The analyst draws attention to the levels close to $0.000000820, the June 18 momentum candle.
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