Shiba Inu Price Turns Green as Expectations Rise Ahead of Shibarium Launch

Author: COINTURK NEWS

The price of Shiba Inu turned green again as expectations for the launch of the network’s second-layer protocol, Shibarium, increased. The second-largest meme coin rose by 2.5% to just above $0.00001, supported by investors reserving their positions ahead of the most anticipated upgrade.

If SHIB manages to hold above $0.00001 and continue to surpass the descending trendline, it may reverse the trend and move towards the targets of $0.000015 and $0.00002.

Shibarium Launch and Rally

Investors have been eagerly awaiting the release of Shibarium since last year, as a developer team that prioritizes quality over frequent delays and time-based delivery dates. In the past few weeks, discussions intensified – triggered by an announcement that the real launch was just around the corner.

Reportedly, the new Shibarium protocol will be a game-changer for the SHIB ecosystem, especially with over 250,000 daily transaction reports on the test network. The test protocol has conducted a minimum of 25 million transactions in total.

This increased interest in Shiba Inu has led to a significant increase in the number of transactions processed on the primary chain. According to Santiment, the volume reached $160 million on August 5th and 7th, but it had dropped to around $32 million at the time of writing.

Current Shiba Price

When analyzing the charts, it could be suggested that Shiba Inu might rise to $0.000015 and then $0.000016. Investors who want the growth of SHIB longs can do so as long as the price remains above $0.00001 and the Moving Average Convergence Divergence (MACD) maintains its valid buy signal.

The price of Shiba Inu is strongly supported by staying above all major moving averages, including the 50-day EMA (red), 100-day EMA (blue), and 200-day EMA (purple).

The excitement surrounding the launch of Shibarium, which will enable SHIB and other tokens in the ecosystem to perform more off-chain transactions, similar to Polygon (MATIC) in Layer 2 Ethereum blockchains, could push SHIB towards the targets of $0.000015 and $0.00002 in a highly conservative manner. Investors should ensure that the Shiba Inu price breaks and settles above the upper descending trendline resistance, as this could increase investors’ confidence in the upcoming rally.

It is essential to consider support areas provided by the 200-day EMA at $0.0000095 and the 100-day EMA at $0.0000085, as the current market level may experience drops below $0.00001. Increasing losses could indicate a sale towards the lowest levels of July and June, respectively, at $0.0000071 and $0.000006.