SHIB Could go Bullish Following Shiba Eternity Release on Oct 6

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Shib Token tweeted on Twitter (NYSE:TWTR) today that they will be hosting a celebration for the release of Shiba Eternity on October 6. They will also announce the 30 spot winners for the Shiba Eternity 30-second app preview or trailer contest.

Shiba Eternity is a strategy card game that allows users to switch between perfecting their deck-building skills and engaging in epic card battles.

Join us in this incredible event, celebrating the release of Shiba Eternity and remember to download Shiba Eternity! Use Hashtags #ShibArmy & #OCT622 to spread the word for #ShibaEternityDownloadDay3/3

— Shib (@Shibtoken) September 30, 2022

SHIB/USDT 1-Hour Chart (Source: TradingView)

Looking at the hourly chart of SHIB/USDT, SHIB is currently forming an ascending channel inside a bullish pennant. Ascending channels exhibit a distinct upward trend. Swing traders can trade between the pattern’s support and resistance levels or in the direction of a breakout or breakdown.

The above 1-hour chart shows that SHIB is now slightly trading above the 200 moving average, meaning that SHIB has a possible chance of going bullish soon. The RSI of SHIB/USDT is currently at 50.39, and the RSI line is sloped negatively lower than the moving average, which means the market has a few steps back before the actual bull run.

SHIB’s ADX is also seen in the chart above. The fact that SHIB is currently trading at 19.97 means that SHIB’s trading power is getting exhausted, demonstrating that SHIB can see a few dips in the future.

In terms of overall market capitalization, SHIB is ranked 14th on CoinMarketCap. At the time of writing, there are almost 549 trillion SHIB in circulation, with a value of $0.00001112. SHIB was traded for $201,550,214 in the previous twenty-four hours. Furthermore, the price has risen by 0.92 percent in the last 24 hours alone.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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