1 Shiba inu price currently trades at $0.00000777 with a gain of 1.04% during the intraday trading session. 2 SHIB price has positively crossed the 20,50,100 and 200-day EMAs. 3 Shibarium blockchain update will be released in August. SHIB price has been in a bullish trend after t...
- 1 Shiba inu price currently trades at $0.00000777 with a gain of 1.04% during the intraday trading session.
- 2 SHIB price has positively crossed the 20,50,100 and 200-day EMAs.
- 3 Shibarium blockchain update will be released in August.
SHIB price has been in a bullish trend after the downfall during the start of June and the formation of the support level at $0.00000655. The cryptocurrency’s price struggled to rise above $0.000008 and faced rejection.
During the middle of July, the price finally broke the resistance level of $0.000008 but could not stabilize above it. The candle of July 16 was a strong bearish candle which pushed the price back below $0.000008.
The retracement led to the formation of support at the $0.00000765 level. The current candle is bullish and is headed toward the resistance level of $0.0000081. First, the price needs to break the high of the previous candle.
If a candle can close above $0.0000081, there is a possibility that the price might rise toward the next resistance level of $0.0000086. The price needs to fill the upper wick of the July 15 candle.
On the other hand, if SHIB price breaks below $0.0000074, it might melt down to the support level of $0.0000071. The 24-hour trading volume has increased by 25.01%. The market capitalization is down by 4.57% to $4.57 billion.
Shiba Inu’s Developments
Nownodes, a blockchain infrastructure provider, has released final updates before its much anticipated mainnet launch of the Shibarium layer-2 solution, suggesting that the launch is closer than expected. Shibarium, Shiba inu’s L2 scaling solution, is expected to drive value and bring significant growth to the ecosystem.
Shiba Inu has recently announced its collaboration with Welly, a unique fast food chain located in Toronto, Canada. The duo is joining hands in order to take part in ETHToronto which is scheduled for August 13-17, 2023. This will help Shiba Inu with an exceptional networking platform, enabling it to reach a larger audience and possible investors.
Will SHIB Price Rise Above the $0.000008 Level?
The cryptocurrency’s price has positively crossed the 20-day EMA, indicating rising bullish pressure in the market. Chaikin money flow score is 0.00, implying that the price does not have strength or weakness at the current moment. It also indicates the possibility of consolidation.
RSI trades at 51.47, denoting that the price is in neutral territory and is facing equal pressure from bulls and bears. The long/short ratio is 0.95 with 48.78% longs and 51.32% shorts, suggesting a higher selling position in the last 24 hours.
Conclusion
The market structure and price action of Shiba Inu is indecisive as the price is consolidating on lower time frames. Technical parameters indicate that the price is in neutral territory and moving averages indicate a slight increase in bullish pressure. The Shibarium update as well as the collaboration with Willy might act as a catalyst for the price.
Technical levels
Major support: $0.00000765 and $0.0000071
Major resistance: $0.00000810 and $0.00000870
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.