YEREVAN (CoinChapter.com) – Shiba Inu coin price stood at $0.00001434 (1.4e-5) on Feb 6, after a 30% weekly rally. The digital asset broke a significant resistance on Feb 4, peaked at a 5-month high of $1.58e-5, then corrected down, retesting the said resistance as support. While the leg up came on the back of the Shibarium launch date FOMO, the Shibarium news could still push the token higher.
Shiba Inu Coin price headed to previous resistance?
As mentioned, the Shibarium release date has not been announced yet. However, the anticipation was apparently enough to push SHIB up 30% since Jan 30. Moreover, trading volumes also peaked on Feb 4, showing consistent interest from investors.
As of Feb 6, the MACD oscillator (bottom of the graph) predicted more gains, while the relative strength index (RSI) charted through the ‘overbought’ territory.
In detail, the RSI is a gouge of best market entry and exit points. When the oscillator drops below 30, traders might take the reading as an ‘entry’ cue and double down. Conversely, when the RSI charts above 70, investors might consider SHIB overbought, and secure their gains, causing a cool-off. Naturally, the overbought RSI cannot guarantee a setback, but it is one of the factors to consider while attempting a Shiba Inu price prediction.
SHIB price targets
In a bullish scenario, the target for the Shiba Inu coin price would stand at the previous resistance of $1.58e-5, with a possible stall at the said line. If the overbought RSI dampens the upside attempts, at least in the short term, a possible setback could bring SHIB to $1.30e-5.
However, given the FOMO around the Shibarium release date, a bullish Shiba Inu price prediction is viable.
Shibarium Launch Date still unknown, or is it?
Notably, the Shiba Inu official Twitter page has not given concrete information on the Shibarium release date. But a hint came from Shytoshi Kusama, the meme coin’s lead developer. They recently changed their bio to read “tending the Pine Tree of Life. Quickly learning to play the flute before putting Shibarium in a heart-shaped box with a bow.”
The ‘Shib army’ took the bio to mean the Shibarium launch date to come on Valentine’s day, i.e., Feb 14.
In detail, Shibarium is a layer 2 network that is planned to pump the scalability for the blockchain and ensure faster transactions at a lower cost. In the latest update, Shiba Inu representatives asserted that the delay in the Shibarium release date is not an issue as long as the Network functions properly, and that’s what they choose to focus on at this point.
Patience is key, and some see Shibarium as a price pumping tool, but that is not the project’s focus and never has been. Shibarium is being built to fulfill Ryoshi’s vision and provide the community with a tool to build and grow the project on their own terms. read the blog post on Jan 15.
The post also mentioned that Shiba Inu’s Layer 2 network can “serve different industry areas such as metaverse, web3 innovation, and gaming.” This is primarily due to the “commonality of scalability and performance limitations of current existing blockchain networks.” read the article.
Also read: Shiba Inu (SHIB) price eyes a 20% uptick as Shibarium release date draws near.
