Shiba Inu (SHIB) Rides On Bullish Waves As Shibarium Launch Nears, Buy Now?
August 11 2023 - 12:00PM
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This cryptocurrency, Shiba Inu dog-inspired logo, has garnered
significant attention in the crypto community. As the highly
anticipated Shibarium launch draws near, Shiba Inu (SHIB) is riding
on bullish momentum. In terms of the 7 days price gain, the
meme coin is outperforming other notable assets like Bitcoin (BTC),
Ethereum (ETH), XRP, and Dogecoin (DOGE), representing less than 1%
price increase. Investors and enthusiasts are now considering
whether to buy in as the project’s new development unfolds.
SHIB Price Gains Momentum As Shibarium Nears A recent examination
of on-chain data by IntoTheBlock exposed a remarkable rise in
transactions related to SHIB ranging from $100,000 to $1 million,
demonstrating an astounding surge of 300% over the last month. The
current upward movement can also be linked to a post by the main
developer, Shytoshi Kusama, on July 31. Related Reading: Solana
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He stated that the launch of Shibarium is fast approaching,
prompting the need to “mint the remaining supply of BONE and
renounce the BONE contract.” Recall that the lead developer of
Shiba Inu, Shytoshi Kusama, mentioned in a blog post on July 6 that
the team plans to talk about and maybe launch Shibarium, the
awaited layer 2 technology, at the ETHToronto and ETHWomen
hackathons in Canada in August 2023. He also shared a
statement directly on the X application: “Here’s a math equation
for those who like math. I won’t make it long: Shib > X.”
Going by his timeline, the eagerly anticipated release of the Layer
2 Shibarium will be on August 15-16 as part of the ETH Toronto
event. Launching the long-awaited Shibarium will likely boost
investors’ interest and hype within the Shiba Inu ecosystem. After
Shibarium is launched, more people could want to invest in the
$SHIB token, as it might create a new wave of excitement. Technical
Indicators Signal Bullish Momentum As the Shibarium launch nears,
the coin experienced bullish sentiment evident in the 4-green
candles on the daily chart. According to the chart, SHIB/USDT has
approached the upper Bollinger Bands indicator, suggesting a high
bullish pressure. The upper Bollinger Band is a resistance
level, indicating that the coin’s price might be challenging to
sustain further upward movement without a pullback. A breach
of the upper Bollinger Band could signal a continuation of the
uptrend, but if the price fails to break through and starts to
decline, it might indicate the beginning of a retracement.
With the RSI level at 69, the coin’s price might hover in the
overbought territory, suggesting a potential slowing down or a
reversal. However, the MACD above the signal line indicates
positive momentum and potential upward movement. So the RSI
indicates that the coin might be due for a corrective pullback, but
the MACD suggests there is still buying interest. Related
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Considering the analysis, the coin could observe a period of
consolidation or a minor dip before a potential continuation of the
upward trend. Traders should closely monitor price action,
especially around key support levels at $0.0000077, and be prepared
for potential short-term volatility. As of today, Shiba Inu is
trading at $0.00000105. According to CoinGecko statistics, it has
advanced by 18% & 24% over the last 7 and 14 days,
respectively. Featured image from Pixabay and chart from
TradingView.com
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