This cryptocurrency, Shiba Inu dog-inspired logo, has garnered significant attention in the crypto community.
Shiba Inu (SHIB) is outperforming Bitcoin, Ethereum, XRP, and Dogecoin in terms of price gain over the past 7 days.
On-chain data shows a 300% surge in transactions related to SHIB in the last month.
The launch of Shibarium, the awaited layer 2 technology, is fast approaching.
The technical indicators suggest bullish momentum but also indicate the possibility of a corrective pullback.
SHIB Price Gains Momentum As Shibarium Nears
– SHIB has outperformed Bitcoin, Ethereum, XRP, and Dogecoin in terms of 7-day price gain.
– On-chain data shows a 300% surge in SHIB transactions over the last month.
– The launch of Shibarium is fast approaching, which could boost interest in the Shiba Inu ecosystem.
– Technical indicators suggest potential bullish momentum but also the possibility of a corrective pullback.
Technical Indicators Signal Bullish Momentum
– The daily chart shows 4 green candles, indicating bullish sentiment.
– The upper Bollinger Bands indicator suggests high bullish pressure but also resistance.
– The RSI level indicates potential overbought territory, while the MACD suggests positive momentum.
– The coin could observe a period of consolidation or a minor dip before continuing its upward trend.
Hot Take
As the highly anticipated Shibarium launch approaches, Shiba Inu (SHIB) is gaining momentum. On-chain data shows a significant increase in transactions, and the technical indicators suggest potential bullish momentum. However, investors should also be prepared for a corrective pullback. The launch of Shibarium could further boost interest in the Shiba Inu ecosystem and attract more investors. Traders should closely monitor price action and key support levels for potential short-term volatility. Currently, Shiba Inu is trading at $0.00000105, with an 18% and 24% gain over the past 7 and 14 days, respectively.
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