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- With Shiba Inu (SHIB) price up 22 percent in the past four weeks after failing to retest this year’s lows, technical indicators point to an imminent breakout in the coming weeks as the altcoins slowly steal the show from Bitcoin.
- The Shiba Inu ecosystem has grown to a robust network consisting of committed web3 developers from the Polygon (MATIC) and Ethereum (ETH) blockchains as depicted in the Shibarium launch.
The second largest meme coin by market capitalization after Dogecoin (DOGE) and the leading on the Ethereum network, Shiba Inu (SHIB), has slowly been preparing for an imminent bullish breakout in the past few weeks. According to market data provided by TradingView, the recent SHIB rebound could be the beginning of the macro bull run after a year and a half of horizontal consolidation.
Moreover, the Shiba Inu core developers led by Shytoshi Kusama have been busy the entire crypto winter building institutional-grade infrastructure to enable the SHIB mainstream adoption. As of this report, the Shiba Inu toke had about 1.34 million holders who have made around 11.36 million transactions.
For instance, Shiba Inu users can transfer coins without experiencing the high transaction fees on Ethereum through the Shibarium layer two scaling solution. Notably, the Shibarium network has grown to a major growth factor in the Shiba Inu ecosystem with about 21.39 million BONE staked by the 12 pool validators as of block height 1,638,720. With the Shibarium network up and running, the SHIB burn mechanism is expected to accelerate, thus further increasing the value of the existing tokens.
Closer Look at Shiba Inu Price Action
Shiba Inu price is currently retesting a crucial support level of around $0.0000084 which could result in a bullish continuation in the coming weeks. Moreover, the daily 50 and 200 Moving Averages (MA) have been acting as crucial support levels and indicating an imminent golden cross. However, the weekly 50 MA is still a major hurdle that the Shiba Inu bulls must act on to avoid possible correction toward the bear market lows. With the next Shiba Inu price target being to convert the resistance level around $0.000011 as a support zone, the SHIB buyers must outweigh the sellers in the coming few days.
Notably, Shiba Inu’s weekly Relative Strength Index (RSI) is currently resting above 50 after the recent rebound from a double bottom that possibly marked the end of the bear market. Nonetheless, it does not mean the end of choppy days as crypto cash flows from large-cap altcoins to small ones and the meme coin industry. Furthermore, Dogecoin price, which has in the past shown a high correlation with SHIB price action, has already broken out of its macro triangular consolidation, signaling further upside.
Bullish or Bearish on $ETH?
Did SmartMoneys and Whales buy or sell $ETH over the past week?
1/🧵
Here is a thread. pic.twitter.com/8yvCO0UI9H
— Lookonchain (@lookonchain) November 14, 2023
Meanwhile, on-chain analysis conducted by Lookonchain shows that Ethereum whales have been dumping in the past few days, which could push lower Ether holders to accelerate their profit-taking. Ideally, Ethereum whales have been identified to hold Shiba Inu as part of their portfolio, which is an interesting thing to watch in the coming weeks.
