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Shiba INU price appears to be undergoing a parabolic curve but in an inverse way, which is mainly due to the extensive selling pressure. With the fresh slash, the majority of the technicals have gone bearish, as the token dropped from the crucial 50-day MA levels. After losing the support at $0.00000974, it appears very difficult for the price to rebound and reclaim its previous positions.
Besides, the development of Shiba INU’s layer-2 solution, Shibarium, is on track, while the date for the launch is unknown, while the developers hint at the release date. The long-term forecast appears to be extremely bullish as the popular token may undergo a 100% upswing in the next few weeks.
Shibarium’s primary purpose is to optimize the network on Ethereum with enhanced stability, faster transactions with fewer fees, and user-friendly, metaverse & dApp development.
Will Shibarium be the Catalyst for the SHIB Price Rally?
SHIB price has dropped heavily by close to 90% from its highs of $0.00008616, a year ago. Since then the price has been trading within a symmetrical triangle. In the smaller time frame, the price has broken down from the crucial support, which has pushed the price lower in the wedge. The price is trying hard to bounce off from the lower bands of the triangle, which may be successful but not for a long time.
The price previously had dropped below the pattern and the bullish interference relieved the token from a bearish action, but it could be only for a short time. Besides, if the price fails to rebound, it may drop heavily in the coming days. This is when the catalyst, Shibarium may prevent from incurring a huge loss. Any update regarding the developments of Shibarium may induce significant bullish momentum.
In the coming couple of weeks, SHIB’s price could attempt to break above the 50-day MA at $0.00000971 initially which may pave way for a substantial jump beyond $0.000012 where 200-day MA levels have been marked. Once, these levels are tested and cleared, a fine upswing could be expected with the beginning of the fresh yearly trade in 2023.