Shiba Inu Price Surge Incoming? Shiba Eternity Game to Boost SHIB Token Burns
The Shiba Inu price has dropped by 2.5% today, with its fall to $0.00001634 coming as the crypto market as a whole loses 0.5% in 24 hours.
SHIB is now down by 5% in a week and by 15% in a fortnight, although the popular meme coin sits on a 95% gain in a year.
It may also see renewed gains in the near term, with Shiba Eternity having launched the beta of the Web3 version of its game yesterday.
This new version will run on layer-two network Shibarium, with some Shiba Inu community members expecting its rollout to accelerate the burning of SHIB tokens, which in turn could boost the meme token’s price.
SHIB’s chart would suggest that, after a period of decline and selling, the meme coin is ready to make a comeback.
Its 30-day moving average (orange) has fallen to a new low relative to its 200-day (blue), meaning that the coin is in an oversold position.
SHIB’s relative strength index (purple) supports this view, having fallen just below 30 last night and now beginning to recover.
What’s also encouraging is that the token’s support (green) and resistance (red) levels are moving towards each other, creating a pennant that often signals a breakout.
We may see such a breakout in the next few days, with the launch of the Shiba Eternity beta creating excitement within the SHIB community.
The more people play Shiba Eternity
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