Brazilian soccer club Sao Paulo FC now accepts the popular meme coin Shiba Inu (SHIB) as ticket payment. According to crypto analyst Duo Nine, the Shiba Inu has been forming a major descending triangle for the past few weeks and is nearing its price peak.
SHIB is accepted as a payment method by the Brazilian soccer club
Brazilian soccer club Sao Paulo FC now accepts Shiba Inu and cryptocurrencies as ticket payment. Sao Paulo, a professional football club dating back to 1930, announced that it accepts cryptocurrencies through its official sponsor and partner, Bitso.
According to the tweet on the members fan page, members of Sao Paulo’s Socio Torcedor program can now purchase tickets to their team’s games using cryptocurrencies, including SHIB. cryptocoin.com As you may recall from its messages, Bitso announced in early January that it would be supporting Shiba Inu on its platform. My image accompanying the tweet shows that it is also accepted via BitPay.
A SHIB user also confirmed that Sao Paulo FC accepted SHIB via BitPay. Crypto payment processor BitPay officially began supporting Shiba Inu in late 2021, enabling SHIB spending at hundreds of BitPay merchants that accept Shiba Inu. With the move, Sao Paulo, one of Brazil’s biggest and most successful clubs, has reportedly become the first team in the country to accept cryptocurrencies.
Whales continue to accumulate SHIB
According to WhaleStats data, SHIB is currently facing a backlog of whales or bulk holders as it has been in the top 10 most purchased tokens among the top 500 ETH whales over the past 24 hours.
On June 3, an ETH whale ‘BlueWhale0073’, famous for its May shopping spree, bought 129,525,133,807 SHIB for $1,413,119.
According to crypto analyst Tomiwabold Olajide, Shiba Inu price continues to consolidate in a tight range between $0.0000106 and $0.0000113, which is a tight move. Shiba Inu added thousands of owners in a matter of days as this metric reflects growth. According to WhaleStats, there are a total of 1,175,413 SHIB holders.
“SHIB’s consolidation will soon end with a big bang”
According to crypto analyst Duo Nine, the Shiba Inu has been forming a major descending triangle for the past few weeks and is nearing its price peak. SHIB’s next direction will be decided if a breakout occurs, the analyst said. Duo Nine continues its analysis in this direction.
- Key support level: $0.0000010, $0.000008
- Key resistance level: $0.0000011, $0.0000014
With the key support at $0.000010, the price of SHIB is approaching a critical point. The descending triangle, marked in blue on the chart below, is just a few days away from peaking. This pattern is a textbook bearish break (70% break down), but a bullish break is also something to watch for. SHIB is likely to break the key resistance at $0.000011 and target higher if it breaks above it.
Technical indicators from SHIB
- Trading Volume: Trading volume is almost nonexistent at the moment mainly due to the weekend.
- RSI: The daily RSI has failed to break above 50 points and it is currently moving down. That’s a small downgrade.
- MACD: The daily MACD remains bullish but the histogram is reflecting lower volume.
The analyst notes that the SHIB’s bias is neutral and this triangle must be broken to change this bias. While most of the market is stable, Bitcoin is consolidating between $28,000 and $30,000 according to the analyst, while SHIB is likely to consolidate until exiting the expected triangle. The above indicators are also giving mixed signals, so it’s best to prepare for the worst outcome or a breakout and hope for a positive breakout if you’re a SHIB holder.
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