While the crypto market has been severely affected by the recent collapse of famous crypto exchange giant FTX, the SHIB community continues to broader its adoption due to a potential announcement from the SHIB’s team regarding its collectable card game (CCG) ‘Shiba Eternity’ and upcoming layer-2 blockchain solution ‘Shibarium’.
Since its inception, the ‘dog-themed’ meme coin has evolved significantly and overcome many hurdles during its upward journey with highly anticipated developments such as Shibaverse, Shiberium, and Shiba Eternity.
Is SHIB Price Ready For A Major Pump?
There is much hype surrounding Shiba Inu’s long-term goal of $1 as the team is putting enough effort into revolutionizing the platform in the blockchain space.
Recently a pseudonymous Twitter user, Shibinfo hinted That SHIB token may soon present itself at a tremendous price of $1 due to its upcoming highly publicized developments.
The SHIB domination started two weeks ago when Shiba Inu developer, Shytoshi Kusama, confirmed the arrival of the layer-2 blockchain Shibarium to the SHIB network.
SHIB fans are eagerly waiting for the launch, which is expected to happen by the third quarter of 2023, as the developer has not provided any specific date for the launch.
Kusama also shared significant updates on the collectable card game (CCG) Shiba Eternity as he revealed the link between the game and the upcoming product Shibarium.
As a result, it is expected that SHIB users will have a lot of use cases on the platform, which could act as a catalyst in pushing the token’s price north.
This Price Level Can Spark Fresh Surges!
Shiba Inu has wiped out billions of dollars from the portfolios as it plunged hard to the downside following the implosion of FTX and its native token, FTT.
Due to this, panic and contagion fears in SHIB token increased dramatically, which forced whale investors to liquidate massive positions and create selling pressure in the price charts.
According to CoinMarketCap, Shiba Inu is trading at $0.000009098, dropping over 3% in the last 24 hours.
Looking at the daily price chart, the Shiba Inu is forming a solid bearish pattern, and it could ignite a downtrend if it sustains below the 23.6% Fibonacci retracement level of the current level.
Moreover, Shiba Inu has crashed all its EMA and SMA indicators, and the Stochastic RSI has reached the oversold region.
The RSI-14 indicator has consolidated in the neutral zone at the 40 level, and SHIB could decline quickly if the RSI breaks below 35.
The Bollinger bands are also closing in a supportive region as the lower limit is at $0.00000806. If SHIB fails to hold its price near $0.000008, it can undergo a strong bearish rally, further dropping to the level of $0.00000694. The MACD line is also gaining pace downward as it continues to trade in negative territory, which can accelerate the current bearish momentum of SHIB.
However, the above bearish outlook could be invalidated if the Shiba Inu stages a bullish reversal by trading above its EMA-100 trend line at $0.00001139. The upper boundary of the Bollinger Bands is at $0.00001344, which is a strong resistance level for the Shiba Inu. If SHIB breaks above it, it could lead to a spontaneous bull run.
