Shiba INU price appears to be undergoing a parabolic curve but in an inverse way, which is mainly due to the extensive selling pressure. With the fresh slash, the majority of the technicals have gone bearish, as the token dropped from the crucial 50-day MA levels. After losing the support at $0.00000974, it appears very difficult for the price to rebound and reclaim its previous positions.
In addition, development of Shiba INU’s layer-2 solution, Shiberium, is on track, while the launch date is unknown while the developers hint at a release date. The long-term forecast appears to be extremely bullish as the popular coin could see a 100% rally in the coming weeks.
Shibarium’s primary purpose is to optimize the network on Ethereum with enhanced stability, faster transactions with fewer fees, and user-friendly, metaverse & dApp development.
Will Shiberium Be The Catalyst For SHIB Price Rally?
SHIB price has dropped by almost 90% from its high of $0.00008616 a year ago. Since then the price has been trading inside a symmetrical triangle. In the shorter time frame, the price has broken a key support, which has pushed the price down into the wedge. The price is trying to bounce off the lower band of the triangle, which may succeed but not for long.
The price previously had dropped below the pattern and the bullish interference relieved the token from a bearish action, but it could be only for a short time. Besides, if the price fails to rebound, it may drop heavily in the coming days. This is when the catalyst, Shibarium may prevent from incurring a huge loss. Any update regarding the developments of Shibarium may induce significant bullish momentum.
In the coming weeks, SHIB price may initially attempt to surpass the 50-day EMA at $0.00000971, which may pave the way for a move above $0.000012, where the 200-day MA level has been marked. Once, these levels are tested and cleared, a good uptrend can be expected with the start of a new yearly trade in 2023.
