The second-largest meme coin has once again dropped below $0.00001, influenced by the losses in BTC price. Despite the increased price expectations due to the recent CMC event, it seems that they won’t be fully met as sellers have gained control. So, what do the latest data indicate for Shiba Coin investors?
Shiba Coin Review
Shiba Inu (SHIB) price has increased by 85% since reaching its lowest levels in June. The price movement suggests that the upward trend will continue. A breakout from the current descending resistance line could be a catalyst for a 50% increase.
Since hitting its lowest level of $0.0000054 on June 10, we have witnessed a steady recovery in price. The upward movement has yielded approximately 80% gains for investors so far, outperforming most cryptocurrencies, including BTC. This increase is particularly significant as it resulted in the price reclaiming the previous symmetrical triangle’s rising support line and the $0.0000080 support area.
Shiba Coin Chart Analysis
As the price has reclaimed the critical threshold, we can see that the previous decline was just a deviation and not the beginning of a reversal in the downward trend. Currently, the SHIB price is trading in the middle of the triangle. If the triangle breaks upwards, we may observe a significant rally towards $0.000015. Shiba Coin last reached this level in January.
On the other hand, excitement about the Shibarium launch has reached its peak. Shytoshi Kusama, the Shiba Inu community leader, announced that the highly anticipated Shibarium launch could take place in a few days. This is the clearest statement so far.
Daily timeframe readings align with the weekly timeframe. This is particularly evident in the breakout from the descending resistance line. After the breakout, although the SHIB price briefly surged above $0.0000103, it couldn’t sustain it for long. In the short term, it may experience a drop to $0.000008, but the long-term outlook remains positive.
The Shibarium launch is likely to take place within 24 hours. A post made at 17:34 today implied that this announcement could be made at 00:35 on August 17. However, investors should not forget the “buy the rumor, sell the news” cases. The launch may not trigger the expected rally.
