John Isige
The second most popular meme coin has steadied its uptrend, rising above $0.000014 for the first time since early November. Shiba Inu price rally is unlikely to stop for anything, while aiming for an all-time high of $0.00008616 in October 2022.
In the last 24 hours, SHIB’s value grew by 14% to trade at $0.00001412 at the time of writing. A spike in trading volume to $1.1 billion shows investors are ready to back a sustainable upswing. Moreover, most of the buyers are booking their positions ahead of the expected launch of the layer 2 protocol, Shibarium.
Shiba Inu Price Confirms Rally Ahead of Shibarium’s Launch
Shiba Inu price has blasted 82% from its December lows of $0.00000778 and validated a potential long-term uptrend. From the daily chart, we can ascertain SHIB is trading above two critical falling trendlines.
Trading above the lower dotted line allows bulls to take the reins, a move that could have encouraged investors, and especially Ethereum whales to increase their risk appetite. The most recent move above the upper continuous trend line, saw Shiba Inu price close the gap to $0.00014 for the first time since last November.
A golden cross pattern came into the picture when the 50-day Exponential Moving Average (EMA) (in red) crossed above the longer-term 100-day EMA (in blue), implying that Shiba Inu price is comfortable in its recovery path to the all-time high.
Furthermore, the next golden cross pattern could send SHIB price astronomically to the upside. It will manifest as the 50-day EMA crosses above the 200-day EMA (in purple). Generally, all golden cross patterns form after a short-term moving average flip above a longer-term one.
However, the one formed with the 50-day EMA lifting above the 200-day EMA is known to carry more weight. Traders believe some assets confirm their bull markets with this particular pattern.
For instance, history has shown Bitcoin price has rallied many times following the appearance of golden cross patterns. The opposite of this is a death cross pattern which confirms a downtrend in an asset with a short-term sliding average moving beneath a longer-term one.
For now, bulls have a task to weaken resistance at $0.000145, illustrated in the lower yellow band to keep the uptrend intact, especially this weekend. Once this seller congestion is in the rearview mirror, the next rendezvous for buyers would be at $0.000018 before bulls plan how to execute the next possible climb above $0.00002.
Despite the ongoing struggle in clearing resistance at $0.0000145, investors are likely to keep their heads in the game bolstered by a buy signal from the Moving Average Convergence Divergence (MACD) indicator on the same daily time frame chart.
Notice the MACD line in blue validating a call to buy SHIB by crossing above the signal line in blue. The momentum indicator continues to sustain an uptrend above the mean line which means a bullish breakout would be expected in the coming days as opposed to a sudden trend correction.
At the same time, the Money Flow Index (MFI) rebounded toward the overbought region, showing that investors are willing to back a spike in Shiba Inu price. Like a Relative Strength Index (RSI), the MFI follows the trend of an asset. However, it takes into account the volume to uphold the trend’s direction.
A consistent rebound hints at inflow volume into SHIB markets surpassing outflow volume, which is a bullish signal for the meme coin. In case buyers fail to break above resistance in the yellow band, investors may start acclimatizing to catching SHIB at the 200-day EMA support and if push comes to shove at $0.00001.
On the brighter side, the IOMAP model by IntoTheBlock (ITB) reveals that more investors are backing a bullish outcome for Shiba Inu price as opposed to those likely to sell in the coming days, possibly weeks.
From the chart below, the big circle in the range around $0.000012 is home to approximately 37.2k addresses that previously purchased 37.57 trillion SHIB in the area. Investors in this cluster would be willing to throw their weight behind Shiba Inu for a bullish outcome.
On the upside, Shiba Inu price’s path to highs above $0.000016 is relatively clear with several minor hurdles that easily be pushed into the rearview mirror.
Will Shiba Inu Price Explode with The Launch of Shibarium
The Shiba Inu community is anxiously waiting for the launch of Shibarium, Shiba Inu’s Layer-2 network. Although developers maintain that Shibarium is not “a price pumping tool,” analysts and the ShibArmy expect Shiba Inu price to rally following its release.
Shibarium is a powerful Layer 2 blockchain designed to revolutionize the Shiba Ecosystem. The protocol will play a big role in scaling Shiba Inu as a blockchain while sustaining the link to the Ethereum network.
Shibarium will see the Shiba Inu ecosystem become one of the most advanced in the crypto industry for “allowing faster, cheaper, and more private transactions to be processed off-chain, while still relying on the security of the underlying blockchain.”
Shiba Inu Alternatives To Buy Today
Before buying Shiba Inu, investors may want to consider some of the best crypto presales in the market. A dedicated team of experts reviews various tokens every week to come up with a list of the best altcoins to buy as you build your crypto portfolio.
Meta Masters Guild (MEMAG) is a new web3 and gaming crypto project attracting attention across the market. In a matter of weeks, the team has raised $2.27 million in a presale that continues to sell out fast.
As opposed to other platforms that have a play-to-earn setup, the primary focus of Meta Masters Guild is to provide games that people enjoy. Furthermore, users earn Gems, an in-game currency, which can then be exchanged for MEMAG tokens and stalked for additional rewards.
Similarly, Fight Out is a revolutionary crypto project built on web3 technology. It is designed to make it easier for everyone to lead a healthy lifestyle, by providing web3-based solutions.
Fight Out stands out from other move-to-earn protocols due to its ability to remove any obstacles that could hinder people from living healthy lifestyles.
The FGHT is selling out in a presale that has raised $3.875 million so far but investors must hurry before the price increases to $0.0333 and the first exchange listing on April 5.
Tamadoge (TAMA) is a new cryptocurrency project built around the dog theme just like Shiba Inu. It stands out for its vast use cases as a play-to-earn and metaverse ecosystem.
TAMA continues to perform well, with investors expecting a complete recovery back to the all-time high of $0.1944, although TAMA is trading at $0.0202 at the time of writing. Its value has increased by 44% in the last 30 days, with the uptrend expected to close the gap to $0.03 in the short term.
Investors can join the TamadogeArmy by buying TAMA on the OKX exchange, as this meme coin is highly recommended as one of the best-emerging cryptos for long-term investment.
Related Articles:
- Bitcoin Price Prediction – Here’s Why Bulls Are Taking A Breather But a Pump is Coming
- Polygon Price Holds Onto 50% 2023 Gains – Can MATIC Retake $100 in February?
- Suffering From EV Charging Anxiety? This New Solution Fixes That and You Can Invest Today
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by John Isige.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.