• Shiba Inu price shows a resurgence in buying pressure, indicating a 28% upswing potential.
  • The developers of the ShibaSwap DEX have announced a delay in handing out weekend rewards.
  • If SHIB slices through the high probability reversal zone’s upper limit at $0.00001070, it will confirm a bull rally.

Shiba Inu price saw a period of extended stagnation while most of the cryptocurrency market rallied. However, this stagnation proved to be an accumulation and was followed by explosive price action. While this sudden uptick failed to sustain, SHIB is currently attempting to climb to its intended target for the second time.

Manual process delays rewards for ShibaSwap DEX users

Shiba Inu price is making a comeback as ShibaSwap Decentralized Exchange (DEX)’s weekend rewards are nowhere to be seen. The rewards are obtained by a part of the transaction fees being converted and sent to TreasureFinder.

This conversion method applies to any swap on the DEX, and the rewards are distributed at the end of every week.

Last week’s rewards, however, were delayed as the developers announced the reason for this delay in the official Discord server for Shiba Inu.

The developer mentioned that a lot of DEXs in the cryptocurrency community get hacked. To ensure this does not happen to ShibaSwap users, the reward distribution process for the “BURY section” is a multi-step process that runs manually and lasts roughly 14 to 16 hours.

Interestingly, the announcement also mentions,

This process has some pros and cons: the pros are that it’s 100% safe and it ensures no hacks or drains can happen. The cons, it requires time, and a manual process run by actually one person.

Since this ‘person’ is dealing with ‘an unforeseen family emergency,’ last weekend’s rewards distribution has been delayed. The announcement also added that the developers are working toward automating the process to avoid similar delays.

While some users are okay with this delay, others are not. Regardless of the mishap, technicals indicate that the Shiba Inu price is bullish as it looks to breach a crucial overhead barrier.

Shiba Inu price on a journey to shatter crucial barriers

Shiba Inu price rose roughly 43% between August 6 and August 8 but retraced almost 23% in the next 24 hours. While this run-up was ephemeral, SHIB gathered steam as the bulls pushed its market value higher.

Despite the Momentum Reversal Indicator (MRI) flashing a sell sign in the form of a red ‘one’ candlestick on the 12-hour chart, Shiba Inu price rose past it and is currently grappling with the 50% Fibonacci retracement level at $0.00000871.

If the meme coin produces a decisive 12-hour candlestick close above the said barrier, it will confirm a resurgence of buyers and an ability to move higher. In such a case, SHIB will target the high probability reversal zone, ranging from $0.00000955 to $0.00001070.

In the past, Shiba Inu price has tagged the 70.5% Fibonacci retracement level at $0.00001010, which is a primary target. However, if the big crypto and the altcoins continue to rally, SHIB might clear this zone and attempt to tag $0.00001120, roughly a 28% upswing from $0.00000871.

SHIB/USDT 12-hour chart

SHIB/USDT 12-hour chart

On the other hand, a breakdown of the $0.00000811 support barrier will indicate an inability of the buyers to prolong this upswing. If the resulting selling pressure pushes SHIB to shatter $0.00000727, it will invalidate the bullish thesis and potentially trigger a 10% crash to $0.00000654.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Solana and XRP ETFs may be on the cards in 2025, Standard Chartered analyst says

Solana and XRP ETFs may be on the cards in 2025, Standard Chartered analyst says

Ethereum Exchange Traded Fund approval news has renewed optimism on Solana and XRP ETFs approval in 2025. Analysts at Standard Chartered believe more cryptocurrency ETFs may be approved next year, and these assets will not be classified as securities. 

More Solana News

Uniswap Price Forecast: UNI could be poised for 30% rally after month-long lull

Uniswap Price Forecast: UNI could be poised for 30% rally after month-long lull

Uniswap price has broken out of a 35-day consolidation this week, a sign of a possible rally ahead that could increase the token’s price around 30%. Technical indicators support the bullish thesis, while on-chain data also aligns with it.

More Uniswap News

Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behind

Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behind

Kabosu, the popular Shiba Inu dog that inspired the logo of the largest meme coin by market capitalization, Dogecoin, died early on Friday after losing her fight to leukemia and liver disease. Kabosu had gained popularity as the dog behind the viral “doge” meme. 

More Dogecoin News

XRP climbs past $0.53, SEC Chair Gensler says the agency has done very well in court cases

XRP climbs past $0.53, SEC Chair Gensler says the agency has done very well in court cases

Ripple lawsuit ruling is expected soon, following the new US crypto bill, FIT21. SEC Chair Gary Gensler says the agency has fared well in legal battles while speaking at the ICI 2024 Leadership Summit. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis