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 several hurdles during its upward journey with much-anticipated developments like Shibverse, Shibarium, 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.
A pseudonymous Twitter user, ShibInform, recently hinted that the SHIB token might soon project itself to an overwhelming price of $1 due to its upcoming hyped 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 waiting eagerly for the launch, which is expected to be completed by the Q3 of 2023, as the developer did not provide 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 can act as a catalyst in pushing the token’s price to the 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 fear of contagion in the SHIB token increased dramatically, forcing whale investors to liquidate massive positions and build selling pressure in the price chart.
According to CoinMarketCap, Shiba Inu is trading at $0.000009098, dropping over 3% in the last 24 hours.
Looking at the daily price chart, Shiba Inu is forming a solid bearish pattern, and it can ignite a downtrend if it continues to retrace below its 23.6% Fib retracement 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 a neutral zone of level 40, and SHIB may drop quickly if the RSI falls 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 viewpoint may become invalid if Shiba Inu makes a bullish reversal by trading above its EMA-100 trend line at $0.00001139. The Bollinger band’s upper limit is at $0.00001344, which is a strong resistance level for Shiba Inu. If SHIB breaks above it, it can head towards a smooth bull run.