Shiba Inu Faces Key Level Retest: Can It Amplify SHIB Price?

Shiba Inu’s inverse trend draws strong parallels to Shibarium’s zero-eating bull run in August.

Shiba inu upside down with colour beams going down
Created by Kornelija Poderskytė from DailyCoin
  • Shiba Inu’s Shibarium blockchain added several utility cases this week.
  • Professional crypto trader affirms SHIB’s breakout of a major trendline.
  • Latest crypto price movement sends SHIB to retest key resistance levels.

Shiba Inu’s resilience to volatile market conditions has put the canine token on the watchlists of top traders. While the popular dog-themed cryptocurrency has been around for just over two years, several traders have already measured Shiba Inu’s (SHIB) potential as a long-term investment.

On top of that, Shiba Inu has seen a major breakthrough in utility, with the Shibarium Layer-2 network approaching 4 million transactions less than half a year since its launch. While the blockchain endured a massive plunge in developer activity, the recent adoption of Shibarium by boxing legend Manny Pacquiao’s charity foundation has turned the tables for Shibarium use cases in the real world.

Opportunity For SHIB Price Acceleration?

Last week, cryptocurrency chart analyst Captain Faibik pointed to the “bottomed out” Shiba Inu (SHIB) price movement, which is typically an indication of a price trend reversal. In the tweet, Captain Faibik explained that Shiba Inu (SHIB) is en route to doubling its market value, on one condition.

In the technical analysis provided, the confluent resistance rests at $0.00000839, which could invoke a 200% price surge by mid-December 2023. For this scenario to occur, Shiba Inu’s price has to withhold the aforementioned barrier for the major trendline to reach its full potential.

In technical terms, this is called a retest – Captain Faibik mentioned that the last time $SHIB had picked up on this bullish trend was back in August 2023. During that time, Shiba Inu released the highly-anticipated Layer-2 scaling upgrade to the public. Shiba Inu’s price erased a zero, but the ultra-bullish trend lasted just 5 days, as SHIB added back the zero after a lengthy market correction.

On The Flipside

  • Shibarium’s official gas fee token Bone ShibaSwap (BONE) plummeted to yearly lows today.
  • At press time, $BONE trades at $0.615 with a 5% decline in the last 24 hours, according to CoinGecko.

Why This Matters

SHIB has been one of the most watched altcoins throughout the year, contributing to retail adoption via real-life use cases of Shibarium Layer-2.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.