Key Takeaways:
- Shiba Inu developer Shytoshi Kusama claimed Shibarium would outshine X and Worldcoin.
- SHIB price moved above $0.00001 for the first time since April 2023.
PATNA (CoinChapter.com) — Meme coin Shiba Inu’s price continued its rally, painting its fourth consecutive green candle on Aug 11 to move above the psychologically vital $0.00001 resistance level. SHIB prices have been rallying since June 15 this year as the ecosystem continued its expansion.
Shiba Inu recently found itself included in BitPay’s latest venture, a bills payment service called Bill Pay, that allows users to pay bills directly from their crypto wallets. BitPay included SHIB as one of the payment methods for the Bill Pay service.
Furthermore, Shiba Inu’s lead developer, Shytoshi Kusama, claimed in a Discord post that the meme token’s upcoming launch of Shibarium might change the balance of power in the crypto sector.
Kusama stated that Shibarium would highlight how SHIB was better than “any token that makes you scan your eyeballs,” taking a jibe at WorldCoin.
The Shiba Inu developer also promised to make SHIB greater than X, which might suggest the team’s anguish at not being part of X owner Elon Musk’s crypto plans for the social media firm.
Meanwhile, on-chain analysis firm Santiment noted that SHIB enjoyed increased attention from traders, especially since altcoins’ price action remained largely flat. The firm highlighted that SHIB’s social volume rose by 19%, with the numbers likely to rise.
SHIB Price Moving Inside Bullish Pattern
The Shiba Inu token’s price has formed a bullish technical pattern called the ‘Falling Wedge.‘
The technical pattern forms when the price fluctuates inside a pair of falling trendlines that would converge down the slope. The outcome of such downside patterns is typically a price breakout to the upside.
The upside target for the breakout is equal to the maximum distance between the falling wedge’s upper and lower trendlines. Thus, confirming the pattern could see SHIB price rally 166% from current levels to reach $0.0000276, at least theoretically.
SHIB price’s recent rally helped the token flip its EMA trendlines, but moving above $0.00001 likely attracted profit booking, which forced a minor correction. Moreover, SHIB’s RSI has become overbought, with a value of 70.75 on the daily chart.
Overbought RSI levels often suggest a price reversal might be around the corner.
If the rally falters, SHIB price might face a fall to the immediate support level near $0.0000098. Dropping below $0.000001 could hurt confidence in the rally, prompting panic selling, which could result in SHIB price testing its 20-day EMA (red wave) support near $0.000009.
Conversely, if the rally continues, the Shiba Inu token price will face resistance near $0.00001065. Moreover, breaking and consolidating above the immediate resistance might help SHIB price rise to the resistance near $0.000012 before retreating.
