Shiba Inu (SHIBUSD) coin price has been trading sideways despite a surge in Bitcoin price. The memecoin is currently lagging behind most altcoins as BTC battles with its $28,000 resistance. SHIB price chart appears to be the calm before the storm as the holders await the launch of its layer-2 network.
On Friday, SHIBUSD is showing minor gains of 0.85%. At press time, the popular memecoin is trading at 0.00001067. The coin is 10.8% up from its monthly lows and 32% below its YTD highs. At the moment, SHIB price appears to be in sideways accumulation, signaling that a big move might be on the horizon.
Lately, most of the SHIB news has been regarding the much-awaited launch of the Shibarium layer-2 blockchain. This has become one of the most anticipated events for the memecoin community as this can create upward pressure on the Shiba Inu coin price.
The developers of the new blockchain are still keeping cards close to their chests, and the mainnet launch date is yet to be announced. The public beta version of the network is already live since March 11. However, the hype of the new memecoin blockchain has taken a hit due to the use of a chain id for an existing blockchain. This was mentioned by a community member in the discord.
The following SHIBUSD chart shows that the price has created a lower low on the daily chart. Technically analysts consider this as a sign of weakness and a start of a potential downtrend. Furthermore, the price is consolidating below the $0.00001086 support and trading below its 200-day moving average.
If Bitcoin price reverses from its current levels for another retest of $20k, the Shiba Inu coin price prediction will become very bearish. In this scenario, a retest of the December low at $0.0000778 is very likely. However, a sudden release of the Shibarium mainnet can turn the tables in the favor of the bulls once again.
This post was last modified on Mar 23, 2023, 09:43 GMT 09:43