Crypto Analyst Highlights Positive Signs for Shiba Inu

Shiboshis NFT

As the Shibarium mainnet launch draws near, investor interest in Shiba Inu (SHIB) has surged, leading to a significant accumulation of SHIB tokens in recent weeks. This heightened demand has contributed to the asset’s price maintaining stability in recent times.

Crypto Rand recently shared charts that showcase this positive development in SHIB’s price. According to the analyst, there has been a recent bullish reversal triggered for Shiba Inu, signaling a potentially optimistic outlook for the cryptocurrency.

According to Crypto Rand’s analysis, a “bullish reversal” has been activated for SHIB as the crypto asset managed to stay above the $0.000008 price level. This conclusion came after the token successfully broke through the resistance zone between $0.0000078 and $0.0000088.

It’s important to mention that the renowned market observer initially identified this resistance level on July 27. Back then, he highlighted SHIB’s efforts to achieve a price breakout within the horizontal range. The current price action of SHIB has indeed validated this earlier prediction.

Related article: Shiba Inu Lead Developer Invites Elon Musk to Join Shibarium Launch at Blockchain Futurist Conference

Shiba Inu Price Review

It is worth noting that Shiba Inu experienced a bearish phase earlier this year, which persisted for four months, as evident from the SHIB/USDT chart. The decline commenced in February, shortly after reaching $0.00001550, and continued until it found support around $0.00000650 in June.

Within the last 24 hours, a substantial volume of SHIB tokens, precisely 21,559,061,654,280 (21.6 trillion), have been traded, equivalent to approximately $180 million. Notably, the withdrawal of 3 trillion SHIB from exchanges in July has alleviated selling pressure on the asset.

Investors are optimistic that the forthcoming layer-2 scaling solution, Shibarium, will drive further development within the project ecosystem, potentially leading to a SHIB price surge. At the time of writing, SHIB is being traded at $0.00000828, showing a notable 7.02% increase in value over the past seven days.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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