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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

US Politician Cheers Shiba Inu Price Surge, But Trend Reversal Still Pending

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Shiba Inu SHIB

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Shannon Bray, a gubernatorial candidate in North Carolina next year, has again expressed his love for the meme coin Shiba Inu (SHIB). On Sunday, Bray shared his delight over SHIB’s price increase last week (+8.3%). Bray encouraged the SHIB army to keep up the positive momentum and called for further action.

He also urged SHIB enthusiasts to tweet about Shiba Inu throughout the day to generate ongoing excitement. Via Twitter, he wrote:

Ok #shibarmy, let’s continue the lil pump from today. Tweet $shib and #SHIB all day! Build some excitement. After all, thank goodness we aren’t PEPE. They’ll never be on Robinhood.

Today Bray followed up with a partial apology to PEPE holders: “Sorry $pepe holders. Didn’t mean any offence.” However, he justified his statement and explained that he does not expect Robinhood to host any other community token in the near future.

“Therefore #shib has a huge advantage on market recovery. $shib is on just about every exchange. I’m hoping y’all [PEPE] pump as well,” the North Carolina gubernatorial candidate wrote.

Related Reading: Shiba Inu (SHIB) Burn Rate Suffers 87% Decline In Single Week

Bray already caused a stir last week when he announced via Twitter that he will buy Shiba Inu (SHIB) with his next paycheck. According to Bray, “nothing else will ever regain the traction” that Shiba Inu has accumulated. Furthermore, Bray believes that people who have left the SHIB community will return because of Robinhood’s presence.

Trend Reversal For Shiba Inu Price Remains Pending

Despite all the excitement about SHIB’s recent rally, it should be pointed out that the price is still in a bearish trend. A look at the 1-day chart shows that SHIB has been stuck in a descending trend channel since the local high of $0.00001588 on February 4 this year.

Over the past more than four months, Shiba Inu has failed to write higher highs while the price has written lower lows. SHIB is thus stuck in a descending trend channel. At the current price of $0.00000715, SHIB is trading in the mid-range of the trend channel. For now, it is important to break this level to start a push to the upper end.

The following two scenarios are conceivable: If the Shiba Inu bulls manage to break through the mid-range, the 23.6% Fibonacci retracement level at $0.00000834 comes into focus. It is likely that SHIB will first experience a retracement before the price level can be penetrated.

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Shiba Inu (SHIB) Positive Social Sentiment Sparks Bullish Speculation

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The Fibonacci retracement level may then also meet the upper end of the trend channel. This point in time would be crucial to initiate an uptrend. Then, all eyes would be on a new local high above $0.00000930.

In a second scenario, SHIB fails to break above the mid-range of the descending trend channel. In this case, SHIB could sweep the low at $0.000006 again. If the price also breaks below this level, Shiba Inu investors should prepare for a downside price discovery.

Shiba Inu price
SHIB price still stuck in downtrend, 1-day chart | Source: SHIBUSD on TradingView.com

Back to the bullish case: if SHIB manages to break out of the descending trend channel in the coming weeks, the following target prices would be of significance: $0.0000098 (38.2% Fibonacci), $0.00001095 (50% Fibonacci) and $0.00001212 (61.8% Fibonacci).

Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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