- SHIB price has surged by 85% since June and is positioned for another potential 50% increase.
- Shibarium, SHIB’s upcoming layer-2 solution, could further propel its price.
The Meteoric Rise of SHIB
Ever since SHIB touched its yearly low of $0.0000054 on June 10th, it has witnessed a remarkable recovery of 85%. This rebound isn’t just a mere blip on the radar. The sharp uptick effectively brought SHIB’s price back to the ascending support line of a prior symmetrical triangle, indicating that the previous dip was just a brief misstep, not a precursor to a bearish phase.
The price’s middle-of-the-triangle positioning and its potential break from this pattern might pave the way for an exhilarating 50% surge, aiming for the $0.0000150 resistance — a level SHIB hasn’t kissed since the beginning of the year.
Decoding the Indicators
A deep dive into the weekly Relative Strength Index (RSI) amplifies the bullish narrative. For the uninitiated, the RSI is a critical tool used by market experts to gauge market momentum, determining if assets are in overbought or oversold territories. An RSI above 50, coupled with an upward trajectory, usually tips the scales in favor of the bulls. SHIB’s RSI has just crossed this pivotal mark, adding another feather to its bullish cap.
Shibarium: The Game Changer
In the crypto ecosystem, technological advancements and system upgrades can significantly sway an asset’s price. In SHIB’s context, the imminent launch of Shibarium is creating a palpable buzz. Led by Shytoshi Kusama, the community lead of Shiba Inu, Shibarium promises to be a layer-2 solution tailored for the SHIB ecosystem, designed to offer enhanced scalability and cost-effective transactions.
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Navigating Potential Hurdles
Every bullish narrative comes with potential pitfalls. For SHIB, the descending resistance line and the 0.5 Fibonacci retracement level at $0.0000103 pose short-term challenges. Any slip below these markers might see SHIB revisiting the $0.0000080 support zone. Yet, the overarching sentiment remains bullish, with indicators like the daily RSI echoing the same.
A successful breach of the long-term triangle’s resistance at $0.0000120 would cement SHIB’s bullish reversal, potentially catapulting its price by 50% to reach $0.0000150. However, any close below the $0.0000080 support might ignite a downtrend, possibly pushing SHIB down by nearly 40%.
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