Shiba Inu Price Surges Amid Shibarium Network Hype, Analyst Predicts 300% Gain
1min read An early Bitcoin advocate, who had previously urged traders to buy Bitcoin at just $1, has now turned his attention to Shiba Inu, predicting that its price will skyrocket. The analyst believes that the Shibarium layer 2 network, launched on the Ethereum network, will be the primary catalyst for these significant gains.
According to analyst Davinci Jeremie, Shiba Inu is on the brink of a massive rally. He attributes this potential surge to the utility derived from the Shibarium layer 2 network. In a video analysis, Jeremie highlighted that SHIB could be one of the top gainers in the current cycle, with its price performance heavily dependent on the success and utility of Shibarium.
Jeremie's optimism is based on the belief that as more decentralized applications are developed on the Shibarium network, the demand for SHIB will increase, potentially driving its price to new heights. The analyst's prediction is supported by the growing activity on the Shibarium layer 2 network, which is close to reaching the $1 billion milestone. This increased activity is expected to boost the SHIB burn rate, further reducing the supply and potentially driving up the price.
Technical analysis of Shiba Inu's price movements reveals mixed signals. The meme coin has formed a rounding bottom pattern on its daily chart, which typically indicates a potential shift from a downtrend to an uptrend. If SHIB can recover and break through the major resistance at $0.000033, it could rally towards $0.000095. However, the Relative Strength Index (RSI) is showing lower lows, suggesting that bearish momentum is gaining strength. Additionally, the Moving Average Convergence Divergence (MACD) line has turned negative, with red histogram bars indicating strong selling pressure.
For Shiba Inu's price to recover and avoid further bearish trends, there needs to be a surge in buyer interest. However, the current crypto market sentiment is one of fear, which may cause hesitation among retail traders and affect SHIB's potential recovery. The main support level for Shiba Inu's price is identified at $0.00001084, which could act as a critical point for any potential price movements.
