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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 29, 2023 08:02 UTC
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Shiba Inu Price Analysis: With Shibarium Back To Work, Will SHIB Price Resurface Above $0.000010?
Following the recent embarrassment of the Shibarium network failing to respond, the layer-2 scaling solution for the Shiba Inu blockchain is now live. Despite the initially rocky start, the market welcomes the news with open hands.
With a 2.24% jump last night in response to the Shibarium network, the SHIB coin price forms a strong bullish candle with a long tail.Â
Following the 23% drop in just four days, SHIB price enters a diagonal low momentum trend. In the 4-hour chart, the Shiba Inu price action forms a symmetrical triangle pattern. The 50 EMA provides additional resistance to the triangle pattern along with the resistance trendline.
The last night jump completes the positive cycle in the triangle pattern and faces rejection from the resistance confluence. Currently, the SHIB price trades at $0.00000811 with an intraday fall of 1.09%, undermining the recent gains.
Will Shiba Inu Prices Resurface Above $0.000010?
Trapped in a symmetrical triangle, SHIB prices coil up the trend momentum as it prepares a sharp breakout move shortly. With the ongoing correction in the triangle, the bearish phase may soon challenge the support trendline.
Therefore, the SHIB price may soon reach the $0.00000794 mark, close to the support trendline. However, a bounce back from the support trendline is what buyers are eyeing for. If the sellers overtake trend control, the downfall may test the $0.00000750 mark.
On a positive note, if the SHIB price manages to break above the resistance trendline, it may resurface above $0.0000090. The recovery rally can pump Shiba Inu drastically to reach the overhead resistance of $0.000010.
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