Shiba Inu coin (SHIB) price appears to be finally waking up after a prolonged sideways price action. The price is retesting a key resistance right now, and a reclaim can send the SHIB price 30% higher. Our analysis reveals that the next 48 hours are very critical for the price of the top memecoin.
On Tuesday, SHIB price recovered from its yesterday’s downward price action. Till press time, the coin was up 1.58% during its London session. Most altcoins are showing similar gains today as BTC price consolidates below the key psychological level of $30,000.
According to the most recent SHIB news, the coin has been officially moved out of the Binance Innovation Zone, which only lists high risks assets. The move suggests that it is not just a volatile memecoin anymore, and Shiba Inu coin price has matured as a major cryptocurrency. Nevertheless, the coin’s fundamentals and the use-case still remain questionable.
In other news, the total number of wallets on the Shibarium Beta blockchain has exploded. The network currently has 13.3 million wallets and 26,908 transactions in the past 24 hrs. However, there has been a significant decline in daily transactions since last week, which must be pointed out.
The daily chart of SHIB shows major levels of support and resistance. Currently, the price is still trading inside a range despite an increase in volatility. The bottom of this range lies at $0.00001088, which acts as a support. The price has recently been rejected from the range high at $0.00001170, which has become a major resistance.
Reclaim of the range highs can make the Shiba Inu coin price prediction very bullish. This can send the price to $0.00001394, which will be the first target for the bulls. After this, the price might retest the next major resistance of $0.00001500. However, considering the recent rejection from the range highs, the most likely scenario will be the retest of the 0.00001088 support.
I also regularly keep posting my updated SHIB analysis in my free Telegram group, which you’re welcome to join.
This post was last modified on %s = human-readable time difference 11:23