Shiba Inu Dev Hints At Major Progress, SHIB Holds Key Support

Shiba Inu lead developer Shytoshi Kusama has hinted at significant progress in the project’s ambitions. Kusama’s statements, shared on X (formerly Twitter), provide insights into the strategic direction of Shiba Inu and its integration with broader internet infrastructure.

Alluding to the fake spot Bitcoin ETF approval news, Kusama stated, “Hey, SHIBARMY! While everyone is focused on approved or not, hacked or not, we remained focused on creating what we said we would: A Network State. Since I’m hearing a lot of Web 3 but not enough WEB, let’s talk about SHIB NAME TOKENS.”

Elaborating on the project’s direction, Kusama highlighted the importance of domains in the digital world: “Domains are the identity layer of the Internet. For 40 years, they have made using the Internet easier for all. If you type into your browser, you go to the Shib website. What if you could do more?”

In a push to gain adoption, Shiba Inu is partnering with D3 to apply for the .shib Top-Level Domain (TLD), aiming to make a significant impact on the internet landscape. “This will allow us to tap into infrastructure that is used by 5.3 BILLION people worldwide,” Kusama noted, emphasizing the extensive reach of this endeavor.

The plan involves utilizing domains to establish a seamless identity layer for Shib across the internet, without necessitating special software, wallets, plugins, or extensions. This move could drastically simplify user interaction with the Shiba Inu ecosystem, potentially revolutionizing digital identity verification and interaction on Web3 platforms.

Kusama envisions a future where .shib domains could be used for various purposes, including hosting websites, sending and receiving emails and digital assets, and serving as usernames on Web3 platforms.

“You already use domains all over Web3. You use it to access our ecosystem, you use it to access the exchanges where you buy and sell SHIB, LEASH and BONE, you use it to open X to read this tweet. Now imagine if those domains ended in .shib,” Kusama remarked.

Shiba Inu Price Analysis

Simultaneously, the SHIB/USD pair’s technical analysis indicates a cautiously optimistic outlook. The weekly chart reveals a break from a downtrend as well as a thus far successful retest of the breakout. As NewsBTC reported, SHIB broke out of the descending triangle pattern in early December and recorded a new higher high after a series of lower highs from August 2022 to November 2023.

Despite experiencing a retracement of approximately 28% from this local peak, SHIB has displayed resilience by maintaining key support levels on the weekly time frame. Notably, the previous week’s close remained above the triangle’s descending trendline, which is a bullish signal. Additionally, SHIB managed to sustain prices above the 0.236 Fibonacci level at $0.00000878.

The maintenance of the price above the 20-week EMA is another bullish indicator, especially if SHIB manages to close above this level again this week. Should this trend persist, a retest of the 0.5 Fibonacci level is plausible. However, traders should anticipate significant resistance in the zone between the 0.382 Fibonacci level, approximately $0.00001050, and $0.00001063.

In the event of an extended upward trajectory, the 0.618 and 0.786 Fibonacci levels, at about $0.00001327 and $0.00001525 respectively, are poised to be the next critical resistance junctures. The ultimate target for bullish momentum could be the August 2022 high of $0.00001777.

The volume profile reinforces this bullish outlook, revealing a spike in trading activity that coincides with the recent appreciation in price, indicative of robust buying pressure. The RSI’s neutral stance at 53.63 lends flexibility to the market’s directional bias, implying that there is sufficient headroom for price expansion before the asset enters overbought or oversold territory.

Featured image from Shutterstock, chart from TradingView.com

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