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Shiba broke past a key resistance over the weekend
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Several developments are helping Shiba Inu
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SHIB is gearing to go higher, but before then, a correction could occur
Shiba Inu SHIB/USD was a top trending cryptocurrency on Monday. Momentum has been building for the cryptocurrency signaling increased buyer interest. The Monday jump takes SHIB above a key resistance as more investors circle.
Several developments could explain the breakout in SHIB. One is the expected Shibarium TestNet. Previously, developers said that the anticipated Shibarum Public Beta testNet was set for launch in Q3 2022. The quarter ends in September. However, the community remained optimistic that the Testnet upgrade was set to launch between August 15 and 21.
Another development that sparked interest in SHIB is the upcoming online game. Also known as Shiba Eternity, the game promises to help Shiba Inu shed its meme tag. To some other extent, Shiba Inu is also believed to be fueled by gains in Ethereum. Shiba Inu is Ethereum-based, and the anticipated shift to Proof-of-Stake may boost the token. The move is expected sometime in September. SHIB investors could be reading between the lines ahead of the upgrade.
SHIB breaks out and rises above an ascending triangle
Source – TradingView
From the daily chart, Shiba Inu token broke above the resistance at $0.000012. The resistance and the trendline formed an ascending triangle. The token is currently retreating from an overbought region.
The breakout sets SHIB up to the next resistance at $0.00002. However, SHIB could slide to retest the support at $0.000012. Investors should take advantage of the retracement.
Summary
Shiba Inu broke from an ascending triangle as investors bought the token. A range of positive developments boosted the meme token. SHIB is retracing, but the upside remains in place. The next resistance is $0.00002.