Shiba Inu coin (SHIB) price has become hot once again ahead of the launch of its much anticipated Shibarium blockchain. SHIB price has been in a tailspin for the past few weeks as the meme coin experienced a huge sell-off.
Technical analysis shows that all Shiba Inu needs is a reclaim of a particular level on its chart to flip bullish. On Monday, cryptocurrencies are experiencing a strong sell-off as the BTC price is showing weakness once again. As a result, the Shiba Inu coin was also down 3.75% till press time.
As per the latest Shiba Inu news, the lead developer of the project, Shytoshi Kusama, has said that the team may release Shibarium next month. According to Kusama, the much-awaited layer 2 may be launched during the Blockchain Futurist Conference, which is scheduled for August 2023.
The developer also added that the birth anniversary of Shiba Inu in August makes this event very significant for the whole ecosystem. Analysts expect this news to drive the Shiba Inu coin price higher in the coming days. However, the technical analysis shows there is a catch.
A look at the SHIB price chart reveals that the price is consolidating at a very key resistance level of $0.00000779. This is the same level that I mentioned above. A reclaim of this level before the hyped launch of Shiabrium might trigger a massive rally.
Therefore, the Shiba Inu coin price prediction will flip bullish if the price breaks above this level and flips into support once again. Such price action is only likely if the BTC price remains stable in the meantime. There is also a chance that the Shibarium launch turn out to be a sell-the-news event.
In the meantime, I’ll keep sharing updated SHIB coin analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.
This post was last modified on Jul 10, 2023, 10:51 BST 10:51