As Bitcoin hovers in a prolonged consolidation around $29.5K, the spotlight is shifting to meme coins, with Shiba Inu taking the lead. Despite a recent sharp drop following its impressive rally, SHIB’s analysis remains promising. With the SHIB community getting filled with excitement about the upcoming Shibarium launch and other developments, the coin seems poised for another potential bullish surge from a crucial support level.
Shiba Inu Gets A Major Boost From This Development
The impending introduction of Shibarium, a layer 2 blockchain enhancement for Shiba Inu’s platform, might be the catalyst propelling SHIB towards the $0.01 mark. Shibarium promises to simplify transactions involving SHIB-related tokens and provide a nexus for developers to kick-start their projects. With the enhanced features of Shibarium and its fresh burn mechanism, SHIB’s journey to $0.01 seems even more achievable.
Additionally, in today’s blog post, Shiba Inu introduced Self-Sovereign Identity (SSI) to Shibarium, a move sparking enthusiasm within its community. Shytoshi Kusama, the lead of Shiba Inu, elaborated on the potential of this integration in the post.
Kusama underscored the vast potential when merging Shibarium’s cost-efficiency and the state-of-the-art technologies developed by the SHIB community for this L2 solution with Shib SSI. “The horizons of what’s possible seem limitless,” Kusama remarked in his post.
The creation of fresh use cases for Shiba Inu has the potential to significantly push its value. By expanding its applicability to transactions with leading retailers, asset staking for rewards, social media tipping, and more, SHIB can achieve a new resistance this month.
According to Coinglass data, both buyers and sellers liquidated their positions heavily in the last 24 hours. The total liquidation surpassed $1.5 million after the price declined heavily from its high of $0.0000098.
What’s Next For SHIB Price?
After successfully surpassing and holding above multiple resistance levels, SHIB’s price declined heavily from the high of $0.00001052. This suggests that SHIB’s price failed to gain enough buying pressure near this level, paving the way for sellers to increase their domination.
The momentum has increased recently, sending the SHIB price below the EMA20 trend line. This decline pushed the RSI below the midline, currently trading around the 47-level.
The current rejections below the immediate support line hint at traders retaining their holdings, likely awaiting another price hike. If the value hits $0.00001 again, the price could climb to $0.00001175 and possibly even to $0.000014 thereafter.
The four-hour graph reveals bullish efforts to prevent any decline below $0.0000085. A robust bounce-back from this juncture might motivate the bulls to target the $0.00001 mark.
Conversely, if the value slides further and undercuts the support line, it may indicate profit-taking by traders. A descent beneath the 61.8% Fibonacci retracement might pave the way for a decline to $0.000008.
