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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Shiba Inu (SHIB) Rides On Bullish Waves As Shibarium Launch Nears, Buy Now?

Kent Tenix
Kent Tenix
1 year ago
3 mins read
SHIB

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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.

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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.

SHIBUSD price chart
SHIB’s price currently hovers at $0.00001005 in the daily chart. | Source: SHIBUSD price chart from TradingView.com

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. 

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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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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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