Shiba Inu breaks out from an ascending triangle as price pumps

• Shiba breaks through major resistance over the weekend

• Some Developments Are Helping Shiba Inu
• SHIB is gearing up for a rise, but a correction could occur before then

Shiba Inu SHIB/USD was Monday’s top trending cryptocurrency. Monday’s jump took the SHIB above a major resistance as more investors circled.

There are several developments that could explain SHIB’s breakout. One is the expected Shibarium TestNet. Previously, the developers said that the expected Shibarum Public Beta testNet is scheduled to start in the third quarter of 2022. The quarter ends in September. We remained optimistic that it would launch between August 15th and 21st.

Another development that sparked interest in SHIB is an upcoming online game. Also known as Shiba Eternity, the game promises to help Shiba Inu ditch her meme tag. In another sense, Shiba Inu is also believed to be fueled by the rise of Ethereum. Shiba Inu is his Ethereum-based and expected move to proof-of-stake could give the token a boost. The move is scheduled for mid-September. SHIB investors may be reading between the lines ahead of the upgrade.

SHIB breaks out and crosses the upward triangle

Source TradingView

From the daily chart, the Shiba Inu token has broken above the $0.000012 resistance. The resistance and trendline have formed an upward triangle. The token is currently retreating from the overbought territory.

The breakout will set SHIB to the next resistance at $0.00002. However, SHIB may slide to retest support at $0.000012. Investors should take advantage of retracements.

Overview

Shiba Inu exits the rising triangle as investors buy tokens. Various positive developments have pushed meme tokens higher.SHIB is retreating but holding upside. The next resistance is $0.00002.