Key Takeaways:
- 20% bullish break in the books for Shiba Inu?
- If SHIB does not break to the upside, it could lose 25%.
- Shibarium beta launch drawing near.
YEREVAN (CoinChapter.com) – Shiba Inu coin price stood at $0.00000873 (8.73e-6) on Jan 10, after a moderate 6% weekly uptrend. As Shibarium release date expectations intensify, the digital asset could gain another 20% in the upcoming week due to a technical setup.
Shiba Inu (SHIB) price in a channel
As CoinChapter covered in the previous Shiba Inu coin review, SHIB price traded within a setup called the ‘descending channel’ since Aug 2022. The formation features two dropping trendlines that prevent sharp breaks in any direction through consecutive support and resistance retests.
The descending channel does not forecast a bias after the Shiba Inu coin exhausts the setup. However, it can be instrumental for short-term predictions. Thus, considering the rising trading volumes, a jump to the channel’s resistance could be in the books, fueled by the Shibarium launch FOMO.
In a bullish scenario, the target price for SHIB price stands at 10.44e-6, 20% higher than the current value. Notably, the digital asset’s 6% uptick could most likely be attributed to Bitcoin’s green candles, as many other leading altcoins mimicked the flagship crypto.
Thus, if Bitcoin’s relief rally is short-lived, SHIB will likely take the bearish route. The bearish trajectory pins the target price for the altcoin at 6.32e-6, or 25% lower than the current value.
Also read: Shibarium Launch: Will It Affect Shiba Inu (SHIB) Price?
Shibarium release date NOT set
Despite the growing anticipation, the Shiba Inu Network has not set a Shibarium release date yet. However, the official Twitter channel has made several announcements, signifying the launch date is drawing closer.
Also, the Network reminded its followers that the BONE token would remain the ONLY required digital asset within Shibarium.
On our last post, we wanted to remind everyone that BONE serves as the required gas token for operability within Shibarium. We also would now like to formally announce that each Shibarium transaction will burn SHIB.
read another Shiba Inu tweet
The SHIB burning mechanism might further push the token’s price up. Thus, when the Network announces the Shibarium release date, the investors are likely to move in.
As a reminder, Shibarium is a layer-2 solution for the Shiba Inublockchain. It has been on the horizon since May 2021, but the Network asserted 2023 is the finish line for the beta launch.
Also read: Shibarium Beta launch draws near as Shiba Inu price risks a 15% drop – what to expect?
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