Can the recent Shiba Inu bounce from the $0.000009593 support and increased adoption of Shibarium help SHIB defy key resistance?
Notably, Shiba Inu (SHIB) is changing hands at $0.00000989 during this writing.
It has experienced an 11.1% price increase over the past seven days, a notable upward momentum despite the short-term cool in the broader market.
The meme coin’s price is showing moderate swings in the 24-hour range of $0.0000096 to $0.0000099.
Importantly, the ongoing price increase signals market interest at a time when analysts and traders are looking for the next direction.
Will Shiba Inu gain a leg up or plunge?
– Advertisement –Tag ID:
thecryptobasic_incontent_2
Shiba Inu Price Analysis
Looking at the technical end, indicators on TradingView show thatShiba Inu’s priceis currently placed between key Fibonacci levels.
The price has attempted and tested the 0.382 Fibonacci retracement level at $0.000009593, which serves as a critical support zone.
A bounce from this level has resulted in a minor recovery, pushing the price back above the 0.236 level at $0.00000988.
The ongoing price action indicates that SHIB is consolidating between these key levels, with a recent breakout above the 0.382 level at $0.00000959, which could signal furtherupward momentum.
On the downside, if the price fails to maintain above the 0.382 level ($0.000009593), it could suggest a pullback toward lower Fibonacci zones, with the 1.786 level ($0.000008807) acting as a stiff support in case of further decline.
Additionally, the MACD indicator shows a bullish crossover, supporting the short-term positive sentiment.
However, caution is warranted.
If the price continues to climb without sufficient consolidation, it could become overbought, leading to potential exhaustion and a pullback.
Its histogram is also in the green zone, indicating positive momentum, though it’s an early sign of potential exhaustion.Ultimately, the key level to watch is $0.00000959 for support.
Analyst:
SHIB Bull Run Incoming?
Speakingabout Shiba Inu, James Waynn, a community figure on X, has shared his thoughts on the potential of a bull run.
He believes that the bullish case for SHIB is building, suggesting that significant gains could be seen in the next bull cycle.
According to Waynn, a key factor behind this positive outlook is the growth of Shibarium, the Layer-2 solution for the Shiba Inu ecosystem.
As Shibarium sees increased adoption, dApp usage, and higher transaction volumes, more SHIB tokens are being burned.
According to him, the reduction in the circulating supply, coupled with the growing demand for SHIB due to Shibarium’s expansion, sets for price movement.
DisClamier:
