- Shiba Inu bumps into decisive resistance at $0.00001.
- Veteran trader details two of the most likely scenarios for SHIB.
- Shibarium’s Shytoshi Kusama teases a major announcement.
Shiba Inu (SHIB) continues to linger around the make-or-break price range of $0.00001. In the early hours of Friday, SHIB again dropped a zero to reach the daily heights of $0.00001013, but added it back in 6 hours.
While the upward trajectory of Shiba Inu’s price beyond the daily high is still on the cards, chart analyst Ali Martinez shared an insightful forecast of two possible options for Shiba Inu’s forthcoming price movement.
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Martinez explained that a voyage to $0.000014 levels is possible after a 10-month hiatus. The expert explains that SHIB has traded in a descending parallel channel since September 2022.
Currently, the navigation in the downward channel is coming to a close. According to the trader, the likelihood of a bullish breakout depends heavily on where SHIB ends on the weekly close position.
To reclaim the $0.000014 price for SHIB, the decisive moment underlies the pivotal resistance at approximately $0.00001. However, if Shiba Inu fails to sustain above the barricade without the additional zero, it could send the canine coin down to a pullback to $0.000008.
Year-End Surprise for SHIB Army Incoming?
In other related news, Shibarium’s lead developer, Shytoshi Kusama, stepped in to give a heads-up to the Shiba Inu community about a “very big announcement” next week.
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Kusama’s message on Telegram was reposted on X by SHIB’s Marketing Lead, Lucie. The timing of this update coincided with Shibarium’s Layer-2 mainnet soaring past 113 million transactions. This trading activity milestone is considered bullish for Shiba Inu’s burning mechanism, as the tsunami of transfers had already contributed to a hefty 8.2B SHIB burn.
On the Flipside
- A heated debate on X depicts puzzled Shiba Inu holders wondering about the whereabouts of the Shiba Inu cumulative burn, which was initially slated for December 14, 2023.
- Shibarium L2 community developers insisted that delayed SHIB burns were due to a major security breach on Ledger, which affected the majority of dApps. Still, the reasoning is not confirmed by SHIB Token.
Why This Matters
Technical analysis by experienced traders shows the cryptocurrency’s specifications without the social sentiment.
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