2024-8-28 23:25 |
Shiba Inu is set to launch a Decentralized Autonomous Organization (DAO), a move that could spell major gains for the SHIB token and the entire Shiba Inu ecosystem.
The Shiba Inu pseudonymous marketing lead, Lucie, revealed the plans for decentralized governance. In an X post, Lucie noted that Shiba Inu was planning to empower every SHIB holder by giving them a say in the project’s direction.
The marketing lead stated that the Shiba Inu DAO had yet to be fully implemented. However, once it launches, it will allow SHIB token holders to participate in decision-making.
“[Shiba Inu] is preparing to become a key player in decentralized governance with the upcoming launch of its DAO. This transition will empower every holder, regardless of the size of their stake, to have a say in the community’s direction,” Lucie stated.
The team further stated that the plan was to expand SHIB’s utility and give it a competitive edge in the cryptocurrency industry.
Is SHIB Primed For a Rally?The SHIB price has dropped by 0.29% in the last 24 hours, as the bearish trend across the broader cryptocurrency market hampers price action.
SHIB was trading at $0.00001442 at the time of writing. The price has formed a falling wedge pattern on the one-hour chart. If buyers step in, this bullish pattern could usher in gains for SHIB holders.
For SHIB to confirm an uptrend in this pattern, it must break the 100% Fibonacci level at $0.0000148. Doing so will pave a rally to the next key resistance level at $0.0000151.
However, if SHIB breaks below the lower trendline of the falling wedge pattern, the bullish thesis will be invalidated.
The Relative Strength Index (RSI) is currently at 35. This means that SHIB is presently leaning towards the oversold region. However, the RSI line has bounced, and if it forms another higher low, further price gains could be on the way. The low RSI also means that there is room for more gains.
The Chaikin Money Flow (CMF) is also leaning, showing a possible bullish divergence. The CMF remains in the negative region, which shows that sellers are still in control. However, the CMF line is tipping north, showing a possible trend reversal.
These bullish signs signal that more gains could be in store for the SHIB price. However, investors should confirm an upward swing by crossing above the upper trendline of the falling wedge pattern.
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