Shiba Inu Price Analysis: With Shibarium Live, Will SHIB Price Complete A Bullish Maneuver?

The post Shiba Inu Price Analysis: With Shibarium Live, Will SHIB Price Complete A Bullish Maneuver? appeared first on Coinpedia Fintech News

With the launch of Shibarium, an Ethereum layer-2 network, Shiba Inu takes another step to become a serious blockchain project. To provide a real-world use case, Shibarium focuses on DeFi and gaming and will use SHIB tokens as fees.

The launch of the Shibarium network struggles to bring a notable spark in Shiba Inu coin prices in a bearish market. With Bitcoin falling below a consolidation range, the altcoins suffer a similar fate. 

The Shiba Inu coin price is falling drastically over the past few days as it reverses from the 50% Fibonacci level at $0.0000106. Following the evening star, the SHIB coin price is down by 14% leading to multiple bearish candles. 

As a worst-case scenario mentioned in our last SHIB price analysis, the meme coin tests the 200-day EMA. However, the long tail formation in the daily candle, at press time, displays a lower price rejection. This lights a reversal hope if the prices sustain above the 200-day EMA.

The SHIB coin price currently finds an intraday growth of 1.30% and trades at $0.00000933, closing in on the psychological mark of $0.000010.

The dramatic increase in trading volume adds credibility to the correction phase, and the technical indicators represent the same. The MACD indicator shows a bearish crossover, and the RSI line drops to the halfway line. 

If the bullish trend sustains above the 200-day EMA, the reversal rally can reclaim the $0.000010. Moreover, the 50% Fibonacci level breakout will drive an additional 21% gain in the Shiba Inu coin price to reach $0.00001296.

On the flip side, if the SHIB prices fail to rise above the 200-day, the downtrend will test the 50-day EMA. The following downtrend can challenge the bullish dominance of the ascending trendline, marking a deep correction and potential dip to buy.