Price Analysis

Shiba INU Aims At $0.000009 As Shibarium Network’s Launch Approaches

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Story Highlights
  • The rounds of the launch of Shibarium, the SHIB price appears to induced bullish momentum that may drive the prices higher soon

  • The SHIB prices display huge possibilities of slashing a zero in its price, provided the price levels are maintained above pivotal resistance

Shiba INU has often been considered as done and dusted, as its prices have seemed to be stagnant. However, the popular token has consistently rebounded, showing its resilience. In a recent update from the official Shibarium network, it was announced that the beta phase of the network will be launching soon, with BONE being the official token used as a utility token and for gas fees.

The network made it clear that Shibarium has been developed specifically for SHIB tokens and is not connected to any other projects. This announcement led to a surge in buying volume for SHIB, causing the price to rise above the crucial resistance at $0.00000833 and reach $0.00000880. However, there has been a minor bearish action that has caused the price to dip slightly, but it is expected to rebound after completing a correction.

Since rebounding from support around $0.00000750, the SHIB price has been trading along the lower trend line. Recently, the price rose above the average levels of the rising parallel channel but was rejected in an attempt to break through the upper resistance of the channel and experienced a slight pullback which may bring it down to test the middle bands again.

After a brief period of consolidation at these levels, the SHIB price may rise back toward the resistance, but may not break through it immediately. Instead, it is expected to consolidate along the upper resistance in an ascending manner. Currently, trading volume has spiked by more than 115%, with the bulls dominating and therefore a notable upward move appears imminent.

The bears have a strong grip around $0.000009, so it is important to stay above $0.0000855 to maintain the bullish streak.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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