The Shiba Inu (SHIB) price has increased by 85% since its June lows.
The price action suggests that the increase will continue. A breakout from the current descending resistance line can be the catalyst for another 50% increase.
Key Points:
- The SHIB price has increased swiftly since reaching a new yearly low of $0.0000054 on June 10.
- The upward movement has so far amounted to 80%, outperforming Bitcoin and the rest of the cryptocurrency market.
- The increase caused the price to reclaim the ascending support line of a previous symmetrical triangle and the $0.0000080 support area.
- A breakout from the triangle could lead to a 50% increase, reaching the $0.0000150 resistance area.
- The weekly RSI supports the continuing increase, suggesting a bullish trend for the meme coin.
Shibarium Launch and Positive News
The news on the Shiba Inu ecosystem is positive. Shytoshi Kusama, the Shiba Inu community lead, hinted that the much-anticipated Shibarium launch could be today. Shibarium is a layer-2 solution for the SHIB ecosystem that aims to provide a more scalable and cost-effective transaction platform.
SHIB Price Prediction: Will Breakout Transpire?
The daily timeframe readings align with those from the weekly one. After a breakout from a descending resistance line, the SHIB price briefly moved above the 0.5 Fib retracement resistance level at $0.0000103. However, it has fallen below it since. While this is considered a short-term bearish sign that could lead to an 18% drop to the $0.0000080 support area, the long-term trend remains bullish. The daily RSI is increasing and above 50, supporting the continuing increase. A breakout above the long-term triangle’s resistance line at $0.0000120 would confirm the bullish trend reversal and lead to a 50% increase to $0.0000150.
Hot Take:
The Shiba Inu (SHIB) price has experienced a significant increase since its June lows, outperforming Bitcoin and the rest of the cryptocurrency market. The positive news surrounding the Shiba Inu ecosystem, including the potential launch of Shibarium, adds to the bullish sentiment. While short-term fluctuations may occur, the overall trend remains bullish, with the potential for a breakout and further increase in price. The crypto community continues to closely watch the SHIB price for potential opportunities.
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