Shiba Inu price analysis: Could Shibarium start a rally to $0.000010?
Shiba Inu / USD
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Shiba Inu (SHIB) has also witnessed aggressive selling and the bears are trying to sustain the price below $0.000008 as of 29 December 2022.
The shiba inu community, popularly known as shib army, has been keenly awaiting the launch of the Layer-2 solution Shibarium for some time but the developers of the project have not announced a release date yet. Shytoshi Kusama, the pseudonymous lead developer of shiba inu, tweeted on 24 December that the launch will happen “very soon”, but not during the holiday season. He added that the next year was “an important one for humanity.”
Happy Holidays to more than half the ????. Wen Shibarium? Please know it will come very soon*, but not during a crucial time for people to spend with their family (or the resulting New Years party time). Enjoy these next days, next year is an important one for humanity.— Shytoshi Kusama™ (@ShytoshiKusama) December 24, 2022
While engaging with the community via the shiba inu Telegram channel recently, Kusama said that members should focus on “how they will build or offer things on Shibarium.” The snapshot of the discussion was shared by the Twitter handle @LucieSHIB.
????️ Finally something interesting ????— Lucie (@LucieSHIB) December 17, 2022
“Best thing for everyone is to think about how they will build or offer things on
Shibarium” - @ShytoshiKusama today on telegram.
… and some thoughts on market. #Shibarium #bearmarket $SHIB pic.twitter.com/Ql3VjE5ANS
In a separate development, the payment gateway NOWPayments said that users could pay for Netflix and Spotify monthly subscriptions using SHIB.
Got a lot of subscriptions? Monthly @netflix and @spotify?— NOWPayments (@NOWPayments_io) December 27, 2022
⚡️ How cool would that be if you could pay for those with $SHIB by @Shibtoken?#SHIBARMY, here’s how to accept #crypto payments with #SHIB
Could shiba inu go up in anticipation of the release of Shibarium in 2023? Read the SHIB price analysis to find out.
Shiba Inu price technical analysis: Weekly chart
SHIB’s price has been gradually declining toward the June low near $0.000007. Both moving averages are sloping down and the relative strength index (RSI) is in negative territory, indicating that bears are in control.
If the price breaks below the June low, the SHIB/USD pair could signal the resumption of the downtrend. The pair could then drop to $0.000005 ,where buyers may again try to arrest the decline.
The first sign of strength will be a break and close above the 20-week exponential moving average (EMA). Such a move will indicate that the selling pressure could be reducing. The pair could then attempt a rally to $0.000015 and later to $0.000018. The bulls will have to clear this hurdle to signal the start of a new up-move.
What is your sentiment on SHIB/USD?
Shiba Inu price technical analysis: Daily chart
After trading in a tight range for a few days, Shiba Inu’s price turned down and broke below the immediate support near $0.000008 on 28 December. If the price sustains below this level, the pair could gradually slide to the crucial support near $0.000007.
Although the downsloping moving averages indicate advantage to bears, the RSI is trying to form a bullish divergence. This suggests that the selling pressure could be reducing. However, in a strong downtrend, bullish divergences tend to get invalidated. Hence, traders may wait for the price to confirm a potential trend reversal before jumping in to buy.
A break and close above the 20-day EMA will be the first indication that a recovery may have started. The pair could then rise to the resistance at $0.000009. If this level is scaled, the pair could rally to $0.000010, and next to $0.000013.
Shiba Inu: Buy or sell this week?
Shiba Inu has turned weak in the near term after the break below $0.000008. Shiba Inu’s price analysis suggests a likely drop to $0.000007, where buyers are expected to aggressively defend the level. On the upside, buyers will have to pierce the $0.000009 resistance to gain the upper hand.
The views and opinions expressed in the article are those of the author and do not constitute trading advice. Trading and investing involve substantial risks and you should do your own research or contact your financial adviser before arriving at a decision.