Shiba Inu (SHIB) price may be facing its most important moment of the year, which could push the price up another 30% or lock in its position in a bear market. For SHIB bulls, now is the time to show their true strength.
Recall: Earlier this year, SHIB experienced a fierce rise of nearly 100%. But since hitting the annual high of $0.00001597 on February 4, the Shiba Inu price has been in a downward trend channel, which even put the price far below the annual opening price of around $0.000008.
The long-awaited downtrend channel breakout took place over the weekend. Shiba Inu price broke out of the top of the trend channel at $0.0000076 and held above it on Sunday. However, some selling pressure can be observed today (Monday). A retest of the trend channel breakout is underway.
Based on this, it is now up to SHIB bulls to confirm the trend and avoid a false breakout. If this fails, investors may quickly lose interest in Shiba Inu again and the price could drop towards the middle range of the trend channel and the yearly low of $0.000006.
However, if the breakout is confirmed, the $0.00000833 resistance level could become the first target. At this price level, the 23.6% Fibonacci retracement level is also located here.
With the daily RSI currently at 49, there is still plenty of room for an explosive move northwards, which could take SHIB up 30% to the resistance area between $0.00000969 (200-day moving average) and $0.00000977 (38.2% Fibonacci retracement), after which the important psychological level of $0.00001 is also within reach. At this point, it is expected that the possible rally will take a breather.
Shiba Inu prices are expected to rise
Santiment, a well-known market intelligence platform, has highlighted the renewed interest in Shiba Inu, as evidenced by a surge in whale transactions. The latest data shows that as of July 6, there were 14 separate transfers of more than $1 million, the highest level since April 3 this year. Such significant capital flows not only strengthen the confidence of well-known investors, but also prove the growing trust and belief in the potential of the Shiba Inu ecosystem.
A notable factor contributing to the rise in Shiba Inu’s price is also the generation of new addresses within its network. As reported by Bitcoinist, Shiba Inu has seen a significant increase in daily address creation, consistently exceeding 2,500 per day in recent weeks. June alone saw a staggering surge, with more than 4,000 new addresses created daily, an incredible 400% increase from the quarterly low in May. The importance of the surge in new addresses cannot be underestimated. Because it shows widespread interest from retail investors.
Another factor that exacerbates the rise in Shiba Inu prices is the increased anticipation for the Shiba Inu. Enthusiasts and investors firmly believe that the launch of Shibarium will have a substantial impact on the value of the Shiba Inu ecosystem. With Shibarium officially unveiled at the upcoming ETHToronto conference in mid-August, the SHIB army is full of anticipation and speculation.