Date: Wed, February 5, 2025 | 06:35 AM GMT
In the cryptocurrency market today, Bitcoin (BTC) and Ethereum (ETH) are stabilizing after a sharp selloff earlier this week, currently consolidating around $98K and $2,700, respectively.
Alongside them, Shiba Inu (SHIB), the second-largest memecoin, has come into the spotlight with noticeable gains in the past 24 hours, following a major partnership announcement.
Shiba Inu Partners with UAE Energy Ministry
In a major move for the SHIB ecosystem, the Shiba Inu team officially announced on Tuesday a strategic partnership with the United Arab Emirates’ Ministry of Energy and Infrastructure (MoEI). This marks the first collaboration between a UAE government entity and a Web3 project of this scale.
As part of this agreement, Shiba Inu’s Operational System (ShibOS) will be integrated into MoEI’s federal operations, focusing on energy management, infrastructure, and public services development. This development further solidifies SHIB’s transition from a memecoin to a significant player in the blockchain and technology sector.
Is a Rebound Ahead?
A look at the weekly SHIB chart reveals that the price has been trading within a year-long symmetrical triangle pattern. The recent downtrend, which began on December 2, was triggered by a rejection from the upper resistance at $0.000033.
The sell-off intensified after the announcement of new trade tariffs by former U.S. President Donald Trump on Canada and Mexico, which led SHIB to test a critical support trendline. The price dipped to a low of $0.00001218 but has since rebounded to current level of $0.000016, with the 100-day Simple Moving Average (SMA) (blue line) providing additional support.
Previously, this trendline has acted as a strong rebound zone. If SHIB follows its usual pattern, a bounce could push the price toward the 50-day SMA (green line). A successful breakout above this level could see the price targeting the upper resistance of the triangle near $0.000024.
The MACD is beginning to show signs of a potential reversal, with the blue MACD line attempting to cross above the signal line.
Final Thoughts
With this major UAE partnership announcement and a favorable technical setup, SHIB could be poised for a strong recovery after suffering a 45% decline over the last 60 days.
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