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SHIB, the Shiba Inu powering the second largest meme coin, flew 15% to trade at $0.00001120 at the time of writing. Shiba Inu price retested important descending trendline support earlier in March and rebounded, which meant that the trend was ready to change course to the north.
SHIB broke out in January before correcting to $0.00001, which coincided with the aforementioned trendline, surging 96% to a new yearly high of $0.00001576 in early February.
Despite the double-digit move over the past 24 hours, the Shiba Inu needs to tick a few boxes before investors can fully ratify a new bull market. For now, we dive into the analysis to find out what factors are at play to validate or invalidate the uptrend.
Evaluation of Shiba Inu Price Technical Outlook – Daily Chart
The second most popular meme coin claiming $6.6 billion in market capitalization is trading at $0.00001120. in the last 24 hours, Shiba Inu trading volume up 30% to $321 millionThis points to growing accumulation among investors expecting huge moves in the price in the coming few days.
However, the 100-day exponential moving average (EMA) (line in blue) currently caps the price movement under $0.00001126. A break above this key moving average is crucial for SHIB to sustain a breakout from the declining trendline.
Despite immediate resistance, key momentum indicators such as the moving average convergence divergence (MACD) reveal a determined bullish front. After being dumped along with the rest of the market due to the collapse of the Shiba Inu Silicon Valley Bank (SVB), the MACD is showing a buy signal on the daily time frame chart.
As long as the MACD line in blue color remains above the signal line in red color, investors are likely to retain their long positions in SHIB. In addition, the Momentum indicator should generally move towards the mean line at 0.00 and above it towards positive territory – this will help to improve the confidence in the uptrend.
Nevertheless, the Shiba Inu’s recovery journey is unlikely to be smooth, given the 200-day EMA (line in purple) as a potential resistance at $0.000012 and seller congestion areas at $0.000014 and $0.000018, respectively.
Shiba Inu Price Eyes Another 34% Move – 4-Hour Chart
The MACD is maintaining a buy signal on the four-hour chart, but this time it is above the moving average line. Buyers are determined to hold on to accrued gains, especially during this week’s recovery ahead of the Federal Reserve’s decision on a possible interest rate hike on March 22.
Shiba Inu price is trading above the 100-days EMA at $0.00001110 on the four-hours chart. Remember, on the daily chart, the 100-day EMA is immediate resistance.
A daily close above $0.00001110 could serve as confirmation that support is intact and the path of least resistance is to the upside.
The second and most notable aspect of the four-hour chart is the 200-day EMA resistance at $0.00001148. If SHIB flips this level to short-term support, it could attract more interest from retail traders, especially those who are on the sidelines and undecided.
Failure to clear this hurdle (200-days) could prove detrimental for the Shiba Inu bulls as the bears will seize the opportunity and attempt to push the price below $0.00001110, eyeing a retest of $0.00001.
That said, the Shiba Inu still has another hidden card that, if played well, could launch MemCoin 34% north of the 200-day EMA above $0.000015. For such a breakout to materialize, Shiba Inu’s price would need to break out of a descending wedge pattern, as shown on the four-hour chart.
Shiba Inu’s Shiberium beta release shrouded in code drama
Shibarium, the Shiba Inu scaling protocol, released its beta version last week. Note that beta testnet refers to a blockchain protocol that is designed to function in the same way as the main network.
Testnet allows developers to test a product, upgrade or new feature in a real-time environment before it is released on the mainnet blockchain.
However, the hype surrounding the layer-2 solution provider quickly died down after a high-ranking community member took to Shiba Inu’s Discord channel and raised concerns about the development team using Chain IDs similar to other existing protocols. washed off.
“Chain ID is the simplest thing a blockchain developer looks for first when deploying a blockchain. Using an ID that already exists is inefficient because your chain will not work properly and not everyone will interact with your chain. Will try to have a conversation with another series instead,” wrote Steve one community member in the Discord channel.
The protocol Steve was referring to is called Renia, the Shiba Inu development team has been accused of renaming it to Renia. Despite the allegations, some developers in the community have thrown their weight behind the Shiba Inu team – “code is forked all the time. Other than that, there is no confirmation that it was,” Jesus replied on the Discord channel.
“Even if some code was used in the beta, that doesn’t mean it was all. To me, it’s very suspicious that this is a straight fork that didn’t change anything.” Forking, and building on already established software, is the basic premise of FOSS (free and open-source software), “JustinLime,” another community member defended the team.
It can take a lot of effort to clean up, despite support from other developers in the community shiberium as a basic protocol.
Shiba Inu Buying Choices
If you are looking for SHIB as well as other high potential crypto projects, we have reviewed the Top 15 Cryptocurrencies for 2023, as analyzed by SHIB. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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