The Shiba Inu price has risen over 5% in the last 24 hours amid the market-wide hype surrounding Ripple\u2019s partial victory in its legal battle with the US Securities and Exchange Commission (SEC). But SHIB investors should still be cautious: While the SHIB price shows a clear uptrend of 23% over the last 30 days, a complete confirmation of a trend reversal is still pending.<\/p>\n
Technically, the Shiba Inu price remains in bearish territory for several reasons. As explained in previous analyses<\/a>, the Shib price entered a downtrend channel in early February this year. The breakout from the bearish chart pattern succeeded six days ago, however, there is still a possibility that it is a fakeout.<\/p>\n Shib\u2019s trading volume was rather below average during and after the breakout. Only yesterday there was a noticeable increase. Within the last few hours, trading volume rose to $232 million, 200% higher than the previous day. In the best case, the volume should remain high to avoid a fakeout.<\/p>\n More of a bearish argument is that yesterday\u2019s SHIB rally stopped at $0.00000813. Thus, the price could not break above resistance at $0.00000816, nor could it set a new local high on the 4-hour chart.<\/p>\n A look at the 1-day chart also shows that the SHIB price continues to trade below the 23.6% Fibonacci retracement level at $0.00000832. The following days could become crucial to confirm a sustainable trend change or a fakeout.<\/p>\n The battle between bulls and bears is still in full swing. The bull side would ideally like to break out above the 23.6% Fibonacci retracement level with a high trading volume. This could be a first confirmation for a sustainable trend change.<\/p>\n In this case, the 38.2% Fibonacci retracement level at $0.00000977 could come into focus. Close to it is also the long-term \u201cbull boundary line\u201d, the 200-day exponential moving average (EMA) at $0.00000961. If SHIB also exceeds this level, one can finally speak of a trend reversal. Before that, however, the current gains stand on shaky legs.<\/p>\n As NewsBTC reported, Shiba Inu chief developer Shytoshi Kusama has hinted a few days ago that the long-awaited layer-2 solution Shibarium will be unveiled<\/a> along with numerous other innovations at the ETHToronto conference on August 15-16. With only 32 days left until this event, the hype could undoubtedly serve as a catalyst for SHIB. At least Shiba Inu ecosystem token BONE has already benefited<\/a> from the announcement, raking in high double-digit percentage gains.<\/p>\n Just today, Kusama fueled anticipation for Shibarium when he announced the relaunch of the official Shiba Inu website Shib.io. Via Twitter, Kusama teased \u201cEnjoying the summer of Shibarium.\u201d<\/p>\n As the #summerofshibarium<\/a> continues we are proud to introduce new branding for https:\/\/t.co\/vRofmNPr53<\/a> and other #SHIBARMY<\/a> websites! Give it a look! #WOOF<\/a> pic.twitter.com\/TY7x5hlDS5<\/a><\/p>\n \u2014 Shytoshi Kusama (@ShytoshiKusama) July 13, 2023<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The Shiba Inu price has risen over 5% in the last 24 hours amid the market-wide hype surrounding Ripple\u2019s partial victory in its legal battle with the US Securities and Exchange Commission (SEC). But SHIB investors should still be cautious: While the SHIB price shows a clear uptrend of 23% over the last 30 days, a complete confirmation of a trend reversal is still pending.<\/p>\n Technically, the Shiba Inu price remains in bearish territory for several reasons. As explained in previous analyses<\/a>, the Shib price entered a downtrend channel in early February this year. The breakout from the bearish chart pattern succeeded six days ago, however, there is still a possibility that it is a fakeout.<\/p>\n Shib\u2019s trading volume was rather below average during and after the breakout. Only yesterday there was a noticeable increase. Within the last few hours, trading volume rose to $232 million, 200% higher than the previous day. In the best case, the volume should remain high to avoid a fakeout.<\/p>\n More of a bearish argument is that yesterday\u2019s SHIB rally stopped at $0.00000813. Thus, the price could not break above resistance at $0.00000816, nor could it set a new local high on the 4-hour chart.<\/p>\n A look at the 1-day chart also shows that the SHIB price continues to trade below the 23.6% Fibonacci retracement level at $0.00000832. The following days could become crucial to confirm a sustainable trend change or a fakeout.<\/p>\n The battle between bulls and bears is still in full swing. The bull side would ideally like to break out above the 23.6% Fibonacci retracement level with a high trading volume. This could be a first confirmation for a sustainable trend change.<\/p>\n In this case, the 38.2% Fibonacci retracement level at $0.00000977 could come into focus. Close to it is also the long-term \u201cbull boundary line\u201d, the 200-day exponential moving average (EMA) at $0.00000961. If SHIB also exceeds this level, one can finally speak of a trend reversal. Before that, however, the current gains stand on shaky legs.<\/p>\n As NewsBTC reported, Shiba Inu chief developer Shytoshi Kusama has hinted a few days ago that the long-awaited layer-2 solution Shibarium will be unveiled<\/a> along with numerous other innovations at the ETHToronto conference on August 15-16. With only 32 days left until this event, the hype could undoubtedly serve as a catalyst for SHIB. At least Shiba Inu ecosystem token BONE has already benefited<\/a> from the announcement, raking in high double-digit percentage gains.<\/p>\n Just today, Kusama fueled anticipation for Shibarium when he announced the relaunch of the official Shiba Inu website Shib.io. Via Twitter, Kusama teased \u201cEnjoying the summer of Shibarium.\u201d<\/p>\n As the #summerofshibarium<\/a> continues we are proud to introduce new branding for https:\/\/t.co\/vRofmNPr53<\/a> and other #SHIBARMY<\/a> websites! Give it a look! #WOOF<\/a> pic.twitter.com\/TY7x5hlDS5<\/a><\/p>\nShibarium As Catalyst<\/h2>\n
Shiba Inu Price Analysis<\/h2>\n
Shibarium As Catalyst<\/h2>\n