Shiba Inu (SHIB) has shown tentative signs of recovery in recent weeks, slowly clawing back from its yearly low of $0.00000597 reached on June 10th. Buoyed by rival meme coin Dogecoin’s (DOGE) recent resurgence following an Elon Musk profile update, SHIB prices have inched upwards. This uplift has coincided with growing anticipation surrounding the upcoming launch of Shibarium, a layer 2 solution for the Shiba Inu ecosystem. The announcement that Shibarium will be unveiled at the Blockchain Futurist Conference from August 15-16, 2023 sparked renewed investor optimism. However, despite this positive development, SHIB has yet to demonstrate convincing technical signals that a definitive trend reversal is underway. The meme coin remains on unsteady footing as the community awaits the rollout of Shibarium to gauge its impact on price momentum. Its launch may prove a make-or-break moment for reigniting SHIB’s fortunes.
Shiba Inu Seeks Breakthrough as Shibarium Launch Nears
Shiba Inu (SHIB) has yet to surpass a key hurdle on the path to confirmed bullish territory – breaching the 200-day moving average (MA), an indicator DOGE recently crossed. Prices above the 200-day MA typically suggest an uptrend, while below indicates a downtrend.
A strong buy signal would emerge if SHIB can thrust above this trendline. Despite gaining 55% from its June 10th low, SHIB continues to search for this convincing signal. However, SHIB has cleared the 50-day MA, a modest victory. It now faces resistance at the 100-day MA around $0.00000840, just above its current price of $0.00000830.
Additional bullish signs include SHIB breaking out of its month-long ascending triangle, with support now around $0.00000831. Maintaining this level could enable challenging horizontal resistance at $0.00000870. Breaking above that may open the door to test the 200-day MA at $0.00000933.
This would technically trigger the awaited buy signal and potentially fuel further gains. Key upside targets include the 38.6% Fibonacci retracement at $0.00000976 and the 50% level at $0.00001093.
However, SHIB must hold support at $0.00000831 to avoid dropping to $0.00000709. While a bearish outcome is possible, the anticipation of the imminent Shibarium launch reduces its likelihood. The question remains – will Shibarium finally catalyze the trend reversal that has eluded SHIB so far? The coming weeks will reveal all.
