Shiba Inu coin price (SHIB/USD) is soaring as crypto markets significantly recover from their last week’s lows. Although the price has gained 20% in the last 5 days, my SHIB price prediction is yet to flip bullish. The reason is that the price still needs to reclaim any major resistance.
Nevertheless, putting the technicals aside, there is a significant event that can propel SHIB/USD to stellar. This is the upcoming and most anticipated launch of the Shibarium blockchain. This is going to be one of the most hyped events in the crypto industry, as Shiba Inu coin has one of the biggest communities.
Despite the ongoing hype, there is still no official launch date for the much-awaited launch of the Shibarium blockchain. Nonetheless, the project’s Twitter account has been teasing a lot lately. The beta testing of the first-ever dog-themed blockchain is already out. This suggests that the mainnet launch can be only a few weeks away.
One major reason for a significant bounce in the Shiba Inu coin price is today’s release of the CPI report. The latest CPI data has shown a significant decrease in YoY inflation in February 2023. Consequently, high-risk assets like stocks and cryptocurrencies are surging on Tuesday. At press time, SHIB price is trading at $0.00001172 after gaining 6% in the last 24h.
The SHIB/USD chart is not looking very bullish, as the price is yet to reclaim any major resistance. The first level in this regard is the $0.000014 region that has acted as a resistance on many previous occasions. If the price breaks above this level, then the psychological level of $0.000015 may become an obstacle. A break below the 200-day moving average can make things very bearish for at least the short-term.
However, history tells us that despite an ordinary-looking chart, memecoins can change their trend suddenly. Therefore, any Shiba Inu coin price prediction can go straight out the window just with a single tweet. If you want to buy SHIB before the Shibarium launch, then you should sign up on Binance, which is the biggest crypto exchange.
This post was last modified on Mar 14, 2023, 15:29 GMT 15:29