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- 1 Shibarium lead developer Shytoshi Kusama has said that they received thousands of response for Shibarium
- 2 Technical indicators of SHIBA are favoring a weak downside trend.It has seen a fall of 0.51% in the intraday session
Shiba Inu Price prediction suggests a weak downside rally in price.and might see a fall to a new low. SHIBA has currently been of interest among investors.The ‘Join Shibarium’ launched a portal on Sunday which has invited a huge audience. As per the SHIBA website they are the “ Dogecoin Killer”. This meme coin has gained strong interests among crypto enthusiasts.Shibarium lead developer Shytoshi Kusama said that the platform has already received thousands of responses.It will allow developers to launch highly scalable applications and will spawn a new tokens which can be traded using Bone to pay for gas. SHIBA burn rate has seen a huge increase in the past few months. This will lead to a strong rise in price in upcoming days.
Shiba Inu is currently ranked 14th in the cryptoverse and has a market cap of $6.2 Billion. Volume of SHIB has seen a decline of 45% in intraday session.Volume to market cap ratio of SHIBA suggests a consolidated trend in price.
Bears Are Pushing SHIB Down
The weekly technical chart of SHIBA suggests a consolidated trend in price.It is currently moving in a downside parallel channel and can see a new low.It is trading near the value of $0.00001135 with a weak drop in the intraday session.Resistance of SHIB can be seen near the value of $0.00002.Meanwhile the support of the asset price can be seen near $0.01.It is currently trading above the 100 and below 50 Daily Moving Average. There can be a negative crossover which can push the asset price to a new low in the future.
RSI of the SHIBA is near 38 suggesting its presence in the neutral zone.There is a downside slope suggesting a weak bearish trend in price
Conclusion
SHIBARIUM launch has excited investors about the new opportunities. SHIBA has seen a decline despite this news. Various analysts are expecting a growth in asset price in near future.
Technical Levels
Major Support:$0.00001
Major Resistance:$0.00002
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
