Shiba Inu coin (SHIB) price is consolidating around one of the most critical levels on its chart. The $0.00000779 level has been repeatedly mentioned in my previous articles. This level is a previous support that has now become a huge resistance. SHIB coin must reclaim this level to show some strength.
After failing to break above $30,000 on Sunday night, Bitcoin price plunged below $29,000 on Monday. This marked the lowest level for the leading cryptocurrency in the past 4 weeks. The negative price action also caused a drop in the Shiba Inu coin which slid 0.89%.
According to the most recent Shiba Inu news, a significant movement has been observed in whale wallets on Saturday. On Saturday, the wallet outflows of SHIB amounted to 2.47 trillion tokens. This was a more than 9 times increase from the day before.
While the exact cause of these outflows is not known, Shiba Inu coin price remained unfazed by these transactions. Many people are accumulating SHIB in anticipation of the Shibarium launch next month. While the much-awaited launch is on the cards, the date is still not confirmed.
The significance of the $0.00000779 level is quite evident from the following Shib coin chart. Once again, the price is trading below this key level. If the price fails to breakout above this level, it may retest the June lows. This will be a very painful scenario for holders.
For Shiba Inu coin price prediction to flip bullish, bulls need to gain momentum above the $0.00000779 level. This can cause a potential 25% price increase from the current level. The upcoming Shibarium launch may act as a catalyst in this regard. However, it won’t be easy to trade this milestone as many times the price drops massively after such events.
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 24, 2023, 13:10 BST 13:10