Like every other cryptocurrency, Shiba Inu too started the year 2023 on a recovery cycle. The second largest meme currency even managed to hit a high of $0.0000155. However, since then Shiba Inu’s SHIB has been on a bearish momentum.
Currently, Shiba Inu is selling at $0.0000124 after a drop of 0.65% over the last 24hrs. This $0.0000120 support is a crucial area as this price level has been support and a resistance in the last six months. Hence, if Shiba Inu falls below $0.0000120, the price could further drop at $0.0000102 and if it moves north SHIB could once again trade above $0.0000155.
Shiba Inu Price Towards Its Next Bull Run ?
The short-term six-hour time frame indicates that the currency had completed its five-wave upwards trend which pushed the price above $0.000055 on Feb 4. Hence, if Shiba Inu successfully claims above $0.000055 area, it suggests that the correction is completed and SHIB will soon move towards its next bull rally of $0.0000180.
On the other hand, what needs to be looked at is the reason for Shiba Inu’s current bearish pull back. As per the data one of the main reasons for the currency’s negative price trend is the decreased excitement around Shibarium launch. Even though Shiba Inu lead developer Shytoshi Kusama recently claimed that the Shibarium might be launched by May, the traders and investors still speculate the claim.
Even though the lead developer has asked the community to stop worrying about the launch, as per the reports the Shibarium launch is one of the most looked forwards projects. While the SHIB community gets impatient with the launch, there is no exact date revealed by the team.
Now, if the launch happens by May as per the claim Shiba Inu price might soo see its next bull run
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Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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Shiba Inu prices have been incredibly volatile lately, hitting new highs and lows with every movement in the market. Just recently, Shiba Inu prices briefly surged above $0.6 before retracing back to $0.4, and recently it seems to have found a new level of support around $0.3.
If prices stay above this level, we could be looking at a possible bull run for Shiba Inu. This is because it was able to hold its ground in the middle of bearish and bullish market cycles, and it has also been accumulating positive news from major exchanges. A bull run in Shiba Inu prices could be a sign that the cryptocurrency is making an impressive comeback after its recent struggles.
However, a bull run in the Shiba Inu price isn’t something that can be expected right away. This is due to the fact that there are still plenty of obstacles that could weigh down on the coin’s price. One of the major concerns is the potential for a dip in the mainstream hype and excitement surrounding the cryptocurrency.
Moreover, it is also important to note that there are certain projects that could influence the Shiba Inu price in the coming months. For example, Ethereum’s move to a proof-of-stake consensus algorithm could affect Shiba Inu’s market dynamics, as it could lead to less liquidity and thus, stagnated prices.
Furthermore, the price of Shiba Inu could also be affected by its compliance with various regulations, as well as its approach to decentralized finance. So, it’s important to keep an eye on the news surrounding these topics as well, in order to determine the longevity of the current bull run.
Ultimately, only time will tell if Shiba Inu will remain above the current level and keep its bullish momentum. With the potential for a bull run and numerous factors at play, Shiba Inu is certainly a cryptocurrency that is worth watching.
