- Shiba Inu inked 7% gains after the top Japanese exchange listed SHIB.
- Shibarium scores a moonstone of 100 million transactions on the mainnet.
- 3 consecutive major SHIB burns are slated on Shibarium before Christmas.
The popular Japanese hunting dog-themed coin Shiba Inu (SHIB) finally managed to break the constraint level of $0.00000950 to eat a zero from its market price. The ground-breaking Shiba Inu price shift happened two hours after a new listing was announced by Shiba Inu’s leading developer, Shytoshi Kusama, on X.
Coincheck, one of the leading cryptocurrency exchanges in Japan, has announced the inclusion of Shiba Inu (SHIB) in the platform’s ecosystem starting December 14, 2023. Based in Japan’s Shibuya-ku, Tokyo, this exchange has served Japanese customers since 2012, being one of the oldest cryptocurrency exchanges around the globe.
Pro Trader Estimates SHIB’s Incoming Market Correction
Professional cryptocurrency chart analyst and trader Alan Santana shared his perspective on Shiba Inu’s latest price movement. In the chart, the crypto analyst has drawn similarities between the two crypto market corrections in August and December 2023.
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In August, Shiba Inu released the highly-anticipated Shibarium Layer-2 scaling network during the Blockchain Futurist Conference in Toronto, Canada. After a couple of hiccups on the first day due to heavy traffic influx, Shibarium was relaunched a week later and has run very smoothly since then, which is evident in the five-second average block production time.
The light pink line in the exhibition shows the pivotal resistance levels of $0.00000950, which often is the battleground for crypto bulls and bears to determine which ones are taking the steering wheel next. Santana based the upcoming December market correction prediction on the fact that August’s market correction lasted 68 days.
Santana also pointed out that December’s bull run for SHIB produced a lower highest point than the Shibarium-infused SHIB run in August 2023. To illustrate, SHIB soared to $0.00001071 on August 13, 2023, while December’s rally had seen the heights of $0.00001049. As a result, the experienced trader expects a slightly shorter crypto market correction, which could last three to nine weeks.
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At press time, the #18 seated canine coin Shiba Inu trades at $0.00001010, gaining 7% in the last 24 hours. So far, SHIB continues the bullish wave throughout the month with 20.1% gains and hasn’t entered the gradual market correction phase yet.
On the Flipside
- Asserting that Shiba Inu (SHIB) has the potential for long-term growth, Alan Santana also broke down Shiba Inu’s possible price movement into four quarters.
- While he sees December – February 2024 as bearish, the next bullish wave will likely kick in June and last till August 2024, but not without retraces or shakeouts.
Why This Matters
Cryptocurrency technical analysis provides a different perspective on the coin’s price movement without social sentiment.
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