Shiba Inu‘s valuation fell more than 44% in November, but optimism rarely fades in enthusiast hearts. An important announcement was recently made to the public that once again caught the community’s attention.

With the cryptocurrency price dropping below $ 0.00044, the latest development is quite interesting given the coin-meme’s long-term presence in the crypto industry.

Shiba Inu is invading the game industry

Shytoshi Kusama, a famous Shiba Inu proponent, has notification on Medium that the development team worked with William David Volk to design and develop a Shiba-supported video game. Volk is a pioneer in the gaming industry. The developer is the former VP of Technology at Activision Studios and jointly responsible for iWack, the first iPhone game to hit the market. Combined with Volk’s 36 years of industry experience, it deserves the saying “tiger grows wings”.

The Medium post mentioned that the game will not be blockchain-based for the time being. The blockchain version will build on it and use Shiba Inu’s decentralized network. This is the point of interest.

Kusama went on to say that the long-term goal of the blockchain game is to bring Shiba Inu into the Metaverse universe. In addition, he said their approach will be completely different from Facebook.

The lucrative nature of blockchain games was widely debated in 2021. In fact, according to DappRadar, more than 1.4 million unique addresses register with blockchain games every day. This level of activity could soon be seen across all metaverse chains and the rise in MANA ratings, with ENJ being a prime example.

Given the Shiba Inu’s popularity for supporting SHIB, its success is hard to deny. However, there is still a long way to go.

At the time of going to press, Shiba Inu has 157 fewer active repositories on Github than any other major project. Meanwhile, DOGE has over 1,400 and Bitcoin 52,000. To be fair, the development aspect.

Source: Github

Now Shiba Inu is rising due to positive sentiment largely based on the general bullish nature of Bitcoin, Ethereum in 2021.

The Shiba Inu may be trying to do something beyond its power. But honestly, strange things can happen in this industry. Who knows, Shiba Inu could actually be successful in 2022.

Current SHIB price

SHIB appears to have formed an interesting technical formation that could indicate a correction is coming to an end.

• Major Support Level: $ 0.000035; $ 0.000032;
• Key Resistance :: $ 0.000039; $ 0.00044.

The recent decline in SHIB found support at $ 0.000035 and the price appears to be nearing the end of the descending wedge – marked in blue on the chart. The big question is whether SHIB can break out and rise higher to end this correction.

For a possible reversal, SHIB needs to convert the USD 0.000039 resistance level to support.

Source: TradingView

Trading volume: The volume decreases with the price. This is a bullish indicator. Additionally, the latest attempt to break out of the wedge resulted in a rapid surge in volume, showing that interest in SHIB remained high at the start of the rally.

RSI: The RSI is still bearish and has fallen almost below 30 on the 12 hour timeframe. That’s pretty bad, but if the RSI can make a higher low, a rebound is likely.

MACD: The 12-hour MACD is still in a downtrend but is very close to a bullish crossover. If confirmed, it would be the first time since early November.

In conclusion, SHIB price could consolidate at the top of the descending wedge for a few days before attempting a breakout. The MACD histogram and the falling volume of this recent correction suggest a possible future rally, but it is too early to confirm this at the moment.

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Annie

Bitcoin magazine

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