Shiba Inu (SHIB) coin price has played out exactly as I forecasted in my last week’s analysis. SHIB price broke above its $0.00000779 resistance and surged to its fresh 4-week highs. This translated into a 13% price increase from the point when I made that forecast.
This week, cryptocurrencies are showing a sideways price action as BTC price fondles the key psychological level of $30,000. While the Shiba Inu coin showed some strength last week, it is once again retesting its previous resistance to flip it into a support level. SHIB slid by 1.15% during today’s trading session.
The much-awaited Shibarium blockchain is currently in its beta testing, also known as Puppynet. As per the latest reports, the developers of the memecoin blockchain are hinting toward a launch in August 2023. While it is still not confirmed if the blockchain will launch next month, the volatility has still increased in Shiba Inu coin price.
The public launch of the Shiabrium mainnet will be a huge milestone for the whole memecoin industry. This will make Shiba Inu the first-ever memecoin blockchain, which will work as a layer 2 for the Ethereum blockchain. However, it is still not clear how many well-established dapps will launch on the new network.
As I mentioned in my last SHIB price analysis, a break above $0.00000779 will be very bullish for the memecoin. Currently, the price is retesting this level from the upside. A bounce from here will flip this level into a support zone with a higher price target in sight.
If the Shibarium launch gets confirmed the next month, the Shiba Inu coin price prediction of $0.00000971 might get materialized soon. This will be a 25% increase from the current price level. If the BTC price remains stable, a retest of the $0.000001171 level is also possible in the next few weeks.
In the meantime, I’ll keep sharing updated SHIB coin analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.
This post was last modified on Jul 18, 2023, 09:52 BST 09:52