Shiba Inu price is back in the green amid growing anticipation around the launch of the network’s layer 2 protocol, Shibarium. The second-largest meme coin is up 2.5% to slightly above $0.00001 bolstered by investors booking their positions ahead of its most awaited upgrade.
If SHIB holds above $0.00001 and sustains movement past the upper descending trendline, this trend reversal is bound to stay in place, aiming for $0.000015 and $0.00002 targets, respectively.
Shibarium Launch Teases Another Shiba Inu Rally
Investors have been anticipating the launch of Shibarium since last year amid frequent delays and a developer team that says it is prioritizing quality over time-based deadlines.
Over the last few weeks, discussions on the topic have intensified – triggered by an announcement that the actual launch is around the corner.
As reported, the new Shibarium protocol would be a game changer for the SHIB ecosystem, especially with reports of over 250,000 daily transactions on the testnet. In total, the test protocol has processed at least 25 million transactions.
This growing interest in Shiba Inu has seen a substantial increase in the number of transactions processed on the primary chain. According to Santiment, the volume hit a dollar value of $160 million on August 5 and 7, although it had shrunk to around $32 million at the time of writing.
The Breakout To $0.000015
All signals seem to be pointing toward a Shiba Inu rally first to $0.000015 and later to $0.000016. Traders looking for more exposure to SHIB longs can do so as long as the price holds above $0.00001 and the Moving Average Convergence Divergence (MACD) sustains the prevailing buy signal.
With Shiba Inu price above all the major moving averages, including the 50-day EMA (red), the 100-day EMA (blue), and the 200-day EMA (purple), the bullish scope is strongly grounded.
The hype surrounding the launch of Shibarium, which will transform SHIB and other tokens within the ecosystem to process more transactions off-chain like in the case of Ethereum layer 2 blockchains such as Polygon (MATIC), could propel SHIB to greater heights, with targets at $0.000015 and $0.00002 seeming extremely conservative.
Traders must ensure that Shiba Inu price has broken and settled above the upper falling trendline resistance, as this would increase investor confidence in the impending rally.
Declines from the current market level at $0.00001 cannot be ruled out, hence it is prudent to keep support areas provided by the 200-day EMA at $0.0000095 and the 100-day EMA at $0.0000085 in mind.
Extended losses would mean a sell-off to July and June’s lows at $0.0000071 and $0.000006, respectively.
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Source: https://coingape.com/shiba-inu-price-blasts-past-0-00001-with-shibarium-launch-momentum-soaring/