- SHIB and BONE recovered from monthly lows due to one main catalyst.
- Most top memecoins face gradual market correction after the Spring rally.
- Crypto analyst taps Elliott Wave Theory to assess Shiba Inuโs next move.
Shiba Inu (SHIB) and Bone ShibaSwap (BONE), the two main cryptocurrencies tied to SHIBโs Shibarium Layer-2 chain, have seen a mini price resurgence. As the rebound rally could fall short of the ongoing Bitcoinโs (BTC) pre-halving correction, Shiba Inuโs daily cryptographic chronicles have boosted SHIB to $0.000023 at the highest point this Wednesday.
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Meanwhile, BONE restored the key support levels of $0.60 at 5 AM GMT, later witnessing a slight retracement to $0.58. However, BONE still found substantial gains since the recently found yearly bottom line at $0.519 on April 14, 2024.
The dynamic price shift can be ascribed to Shibarium L2, Shiba Inuโs public blockchain. Since last weekend, Shibarium has experienced a tremendous spike in active accounts, new accounts, and daily transactions. To illustrate, Shibarium recorded 958,438 transactions on April 15, raising the spirit of the SHIB Army after an ultra-bearish weekend price performance.
Whatโs Cooking for Shibariumโs Main Tokens?
Cryptocurrency trading professionals are measuring the chances of Shiba Inu breaking the bearish macrotrend. As SHIB still hasnโt escaped the ongoing crypto onslaught, crypto analyst Crypto Cipher has utilized Elliott Waves to determine its upcoming price trajectory.
According to this trading theory powered by Elliot Waves, Shiba Inuโs bottom on the weekly frame underlies the area portrayed in a gray box, with the bottom point at $0.00001450. If SHIB would close the week below this price range, the third wave could signify a bullish impulse to a new all-time high.
Currently, SHIB is trading 74% down from the all-time peak claimed on October 20, 2021. As of press time, SHIB is exchanging hands at $0.0000221, with a 21.9% downturn over the past 30 days as the BTC-led crypto market pullback continues throughout the week.
On the Flipside
- While Bone ShibaSwapโs (BONE) new accounts have soared by 23% over the past seven days, the Shibarium gas fee tokenโs on-chain metrics remain bearish, with huge drops in large transactions and holders making a profit.
Why This Matters
Technical indicators like the Elliott Wave Theory are fundamental in understanding the recurring patterns in cryptocurrency price movements.
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