The last two months have been a nightmare for the entire crypto space as the altcoin market experienced its bottom levels since its bull run in 2021. Meme coins like Shiba Inu and Dogecoin have become the headlines as they dropped by 50% of their bullish values.
However, the founding team behind Shiba Inu seeks to approach a bullish way by introducing SHIB to the metaverse and unveiling a new plan at the South by Southwest (SXSW) festival 2023, which will be organized in Austin, Texas.
Additionally, the Shiba network brings more eventful moments to the community as the hype around the release of the beta version of Shibarium, a layer-2 blockchain solution, adds more value to the SHIB token in building bullish expectations among investors.
Shiba Inu Forms A Breakout Pattern!
Shiba Inu price rallies upward with a smooth bull run due to positive news from the recent CPI data and projects itself to extend its bullish momentum further. Moreover, Shiba Inu has now focused on its burning mechanism as the SHIB army believes in “More Shia Inu burned, the higher the token’s value,” resulting in an increased whale accumulation with a hope of a future bull run.
As the crypto market’s popular meme coin Shiba Inu breaks above its consolidation range, the price trend of SHIB brings positive vibes to the community with a massive explosion ahead. A prominent crypto trader and analyst, Klejdi Cuni, predicts that Shiba Inu may surge more and break its third predicted level of $0.00001332.
The analyst previously predicted specific resistance levels for the SHIB price, and the initial resistance level was $0.00000961, which has already been broken. The analyst now believes that the SHIB token may vertically climb to its second target zone, which is at $0.00001165; if broken, the meme coin may head toward its third target zone, bringing an excellent bullish rally after consecutive boring trading sessions.
What Lies Ahead For SHIB’s Price?
The Ethereum-based Shiba token decentralized community has gathered a wide range of investors and users due to its potential announcements and updates to its network. As Shibarium’s announcement and its official digital asset, Bone ShibaSwap (BONE) promise a joyous future ahead, SHIB’s price inches closer to forming new tops.
As of writing, Shiba Inu trades at $0.00001032, with a rise of 0.84% from yesterday’s performance. The last few days must have been a profitable session for altcoin traders as Shiba Inu gained over 30% and now attempts to touch extra heights with bullish announcements.
Analyzing the daily price chart, Shiba Inu’s price now completely depends upon its social hype and future announcements, and any downside momentum can be from negative market sentiments. Shiba Inu has recently failed to break its resistance near the EMA-100 trend line at $0.00001119 and made a slight downward correction near 31.8% Fib levels. The RSI-14 indicator moves around the level of 72, hinting at an overbought region which may soon trigger a price reversal.
If SHIB holds its price above the EMA-200 level, the buying pressure may increase drastically, pushing the token’s price to Bollinger band’s upper limit of $0.00001368. Furthermore, the MACD line supports a breakout as it trades exponentially with the SMA-14.
However, a bearish trend may be witnessed if SHIB’s price breaks below the 23.6% Fib channel and takes support at EMA-100 at $0.00000961. As bears are still in the driving seat, a validation of the bearish analysis may bring a sudden downturn for the SHIB token as it can slump hard to its December price levels if it comes across negative sentiments.