Kusama, the lead developer, announced a meeting before launching the layer two solution, Shibarium. The news spiked the price of Shiba Inu and created a positive sentiment in the last 24 hours outperforming the top cryptocurrencies such as Ethereum and Bitcoin.
Shibarium is an ambitious development of Shiba Inu for the sustainability of the ecosystem. This Layer two solution will provide faster transactions at a lower cost that will expand the use cases of this coin, which may drive the price. Big investors are keeping an eye on this update, and the developers are busy finalizing the much-hyped Shibarium project.
After the much-hyped Shiberium announcement, the price has spiked from the level of $0.0000075, now trading at $0.0000081. Today it is forming a red candle that does not suggest the continuation of bullishness for the short term.
However, the price of around $0.000009 will work as a resistance for the short term, and the coin will not consolidate if it does not cross the level decisively. Though the announcement is positive and the SHIB community is optimistic, the price chart suggests a downtrend for the short term, so it is not the right time to invest for the next few weeks.
The technical chart shows RSI is around 40, MACD is neutral, and candlesticks are forming in the lower Bollinger Bands. All these technical indicators suggest bearishness for the short term. Should you invest in SHIB for the long term? Click here and read our SHIB predictions to know.
Shiba Inu is bullish because candlesticks are forming around the long-term support in the lower Bollinger Bands. MACD and RSI are positive. Since meme coins’ volatility depends on social media news, they are riskier than other cryptocurrencies. The updates regarding Sibarium will make the coin more volatile next year, so it can be the right opportunity for trading and long-term investment.
Source: https://www.cryptonewsz.com/shiba-inu-registers-a-price-rise-is-shib-ready-for-a-rally-in-2023/