Shiba Inu has taken the lead among meme coins while Bitcoin continues to consolidate for a while around $29.5K. SHIB's analysis is still optimistic despite a recent severe decline following its strong climb. The SHIB community is becoming increasingly enthusiastic about the impending Shibarium launch and other developments, and this appears to be positioning the currency for another possible bullish rise from a key support level.

Shibarium Boosts Shiba INU

Shibarium, a layer 2 blockchain upgrade for Shiba Inu's platform, is soon to be released, and this could be the driver that pushes SHIB above the $0.01 threshold. Shibarium guarantees to make SHIB-related token transactions simple and to act as a hub for project development. Shibarium's improved features and fresh burn process make it look much more feasible for SHIB to reach $0.01.

Shiba Inu also introduced Self-Sovereign Identity (SSI) to Shibarium in a blog post, which sparked excitement in the community. The leader of Shiba Inu, Shytoshi Kusama, emphasised on the advantages of this integration in the post.

Kusama emphasised the immense possibilities when combining the cutting-edge technology created by the SHIB community for this L2 solution with Shibarium's cost-efficiency. The possibilities seem to have no end, Kusama wrote in his essay.

Shiba Inu's worth could be greatly pushed by the development of new application cases. This month, SHIB can break through a new hurdle by extending its application to transactions with top retailers, asset staking for incentives, social media tipping, and more.

Data from Coinglass shows that over the past 24 hours, both buyers and sellers heavily liquidated their positions. After the price sharply dropped from its peak of $0.0000098, the total liquidation exceeded $1.5 million.

Shiba Inu Coin Future

The price of SHIB significantly dropped from the high of $0.00001052 after successfully clearing and maintaining above many resistance levels. This means that SHIB's price failed to generate sufficient purchasing pressure close to this level, allowing sellers to strengthen their hold on the market.

The SHIB price has lately plummeted below the EMA20 trend line due to an increase in momentum. The RSI, which is currently trading around the 47-level, was driven below the midline by this dip.

The continued rejections below the immediate support line suggest that traders are still holding onto their positions, probably in anticipation of a price increase. The price could increase to $0.00001175 and possibly up to $0.000014 if the value reaches $0.00001 once more.

The bullish efforts to stop any slide below $0.0000085 are seen on the four-hour graph. A strong recovery from this point may spur the bulls to aim for the $0.00001 level.

On the other hand, if the value continues to decline and crosses below the support line, it can be a sign that traders are taking profits. If the price drops below the 61.8% Fibonacci retracement, it can drop as low as $0.000008.

Shiba inu price prediction after shibarium launch

Shibarium is in direct rivalry with L2s like Optimism, Polygon, and others because its primary goal is to boost the usability of the entire Ethereum protocol. Shibarium's complex powers are based on what its developers have stated, while information on its actual feasibility is yet unknown.

Expert Analysis And Forecast

In terms of specific numbers, many analysts and experts have made several Shiba Inu price predictions. On the internet there are multiple sources, and we can see few prominent sources like financial technology, stocks, and crypto news portal Coinpedia, which has set the shiba inu price prediction at $0.0000259 by the end of 2023.

Furthermore, the second prediction, made by CryptoNewsZ, projects SHIB to reach $0.0000289 in 2023, whereas CryptoNews is not as bullish, having set the price of Shiba Inu to end up somewhere in the range between $0.00001419 and $0.00002204 during the same period.

Reference -
Shiba Inu Price Prediction by Coinpedia - https://coinpedia.org/price-prediction/shiba-inu-price-prediction/
Official Blog by Shiba INU - https://blog.shib.io/shib-ssi-why-wen/
Shibarium Updates - https://www.shibariumtech.com/