- Shiba Inu price has resumed its growth path, rising over 3% in the day with aspirations for more gains.
- SHIB could soar almost 15% to tag the $0.00001200 resistance level by the end of the week.
- The bullish narrative will be invalidated if the meme coin records a candlestick close under $0.00001010.
Shiba Inu price has recovered from a massive sell-off earlier in the week. The revival comes as SHIB takes advantage of the broader rally in the crypto industry, with Bitcoin (BTC) steadily peeling off its losses by rising 5.33% in the last 24 hours. Arguably the meme coin has the most desirable sentiment among its peers based on ecosystem-related fundamentals.
The positive sentiment for Shiba Inu price comes as investors wait for the emergence of the Shibarium blockchain and its deflationary propensities. As was the case for Arbitrum (ARB), there is a general appreciation that new protocols, especially Layer 2 networks on Ethereum, often draw more investors due to their wealth-creating abilities. Similarly, the expectation has piled for SHIB and could influence its uptick. There are already encouraging signs as more testers have already enrolled in Shibarium’s beta network.
The amazing numbers of #Shibarium attract more and more testers.— (@LucieSHIB) March 28, 2023
Can we beat CB L2?
Who will list next $BONE ⌛️ pic.twitter.com/PH2FBdHW6U
The Shibarium launch will greatly enhance the network’s efficiency, reduce transaction fees and increase throughput. Moreover, the burn rate will increase, destroying 70% of the base transaction fee, which is very bullish for SHIB.
#Shibarium #ShibArmy #Shib #Shib #Leash #bone— Mazrael (@_Mazrael_) March 24, 2023
Do I read 70% burns on base fee
Go $Shib Go! pic.twitter.com/VM4TZrdk8H
Shiba Inu price growth path
Shiba Inu price is up over 3% in the last 24 hours and is exchanging hands for $0.00001068 at the time of writing. If investor interest in the meme token continues, SHIB could ascend to confront the immediate obstacle at $0.00001110.
An increase in buying pressure above this level could take Shiba Inu price to test the Exponential Moving Averages (EMA), starting with the 100-day EMA at $0.00001112 before a confrontation with the 50- and 200-day EMAs at $0.00001118 and $0.00001147, respectively.
Beyond these supplier congestion zones, Shiba Inu price could tag $0.00001200, denoting a 12.8% increase from the current level. In highly bullish cases, the meme coin could reach higher towards the $0.00001350 resistance level or restore the February highs around $0.00001429.
A silver lining for Shiba Inu price is that the Relative Strength Index (RSI) indicator shows promise, with a price strength of 46, close to the mean line.
SHIB/USDT 1-day chart
Conversely, if buying momentum drops, bears could recover the market, causing Shiba Inu price to drop below the immediate support at $0.00001010. A daily candlestick close below this level will render the bullish thesis invalid. In the dire case, SHIB could descend to the psychological $0.00000900, or worse, the December lows around $0.00000805, constituting a 25% drop from current levels.
Santiment data to add credence to the bearish case
The bearish case for Shiba Inu price draws support from Santiment data, which shows SHIB whales are trading less.
As shown in the chart, whale transactions have dropped since the recent local top around February 4, where transactions exceeding $100,000 have dropped from 285 to 109. This points to reduced interest as investors speculate weak price prospects.
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