SHIB,
the
token
powering
the
second-largest
meme
coin,
Shiba
Inu
flew
15%
to
trade
at
$0.00001120
at
the
time
of
writing.
Shiba
Inu
price
retested
critical
descending
trendline
support
earlier
in
March—and
rebounded,
implying
the
trend
was
ready
to
change
course
northwards.
Before
the
correction
to
$0.00001,
which
coincided
with
the
above-mentioned
trendline,
SHIB
had
broken
out
in
January,
lifting
96%
to
a
new
yearly
high
of
$0.00001576
by
early
February.
Despite
the
double-digit
move
in
the
last
24
hours,
Shiba
Inu
must
tick
a
few
boxes
before
investors
can
fully
confirm
a
new
bull
market.
For
now,
let
us
dive
into
the
analysis
to
figure
out
what
factors
are
in
play
to
either
validate
or
invalidate
the
uptrend.
Evaluating
Shiba
Inu
Price
Technical
Outlook
–
Daily
Chart
The
second-most
popular
meme
coin,
boasting
$6.6
billion
in
market
capitalization,
is
trading
at
$0.00001120.
In
the
last
24
hours,
Shiba
Inu
has
seen
its
trading
volume
jump
by
30%
to
$321
million,
hinting
at
increased
accumulation
among
investors
who
anticipate
a
much
bigger
move
in
the
price
over
the
coming
few
days.
However,
the
100-day
Exponential
Moving
Average
(EMA)
(line
in
blue)
currently
caps
price
movement
under
$0.00001126.
A
break
above
this
key
moving
average
remains
critical
for
SHIB
to
uphold
the
breakout
from
the
falling
trendline.
SHIB/USD
daily
chart
Despite
the
immediate
resistance,
key
momentum
indicators
like
the
Moving
Average
Convergence
Divergence
(MACD)
reveal
a
determined
bullish
front.
After
Shiba
Inu
dumped
alongside
the
rest
of
the
market
due
to
the
collapse
of
Silicon
Valley
Bank
(SVB),
the
MACD
flashed
a
buy
signal
on
the
daily
timeframe
chart.
Investors
are
likely
to
keep
their
long
positions
in
SHIB
intact
as
long
as
the
MACD
line
in
blue
holds
above
the
signal
line
in
red.
Furthermore,
the
momentum
indicator
should
generally
move
toward
the
mean
line
at
0.00
and
the
positive
region
above
it
–
this
would
help
improve
confidence
in
the
uptrend.
Nevertheless,
Shiba
Inu’s
recovery
journey
is
unlikely
going
to
be
smooth,
considering
the
potential
resistance
at
the
200-day
EMA
(line
in
purple)
at
$0.000012,
and
the
seller
congestion
areas
at
$0.000014
and
$0.000018,
respectively.
Shiba
Inu
Price
Eyes
Another
34%
Move
–
4-Hour
Chart
The
MACD
sustains
the
buy
signal
on
the
four-hour
chart,
but
this
time,
it
is
holding
above
the
mean
line.
Buyers
are
determined
to
hold
onto
the
accrued
gains,
especially
during
this
week’s
recovery
ahead
of
the
Federal
Reserve
decision
on
a
possible
interest
rate
hike
on
March
22.
SHIB/USD
four-hour
chart
Shiba
Inu
price
is
sitting
above
the
100-day
EMA,
which
is
holding
at
$0.00001110
on
the
four-hour
chart.
Remember,
on
the
daily
chart,
the
100-day
EMA
is
the
immediate
resistance.
A
daily
close
above
$0.00001110
could
serve
as
confirmation
that
support
is
intact
and
the
path
with
the
least
resistance
is
to
the
upside.
The
second
and
most
conspicuous
aspect
of
the
four-hour
chart
is
the
200-day
EMA
resistance
at
$0.00001148.
If
SHIB
flips
this
level
into
short-term
support,
it
could
attract
more
interest
from
retail
traders,
especially
those
on
the
sidelines
and
undecided.
Failure
to
ease
through
this
hurdle
(200-day)
might
prove
detrimental
to
Shiba
Inu
bulls
because
bears
will
seize
the
opportunity
and
try
to
push
the
price
below
$0.00001110
while
eyeing
a
retest
of
$0.00001.
That
said,
Shiba
Inu
still
has
another
hidden
card,
which
if
played
well,
could
launch
the
meme
coin
34%
north
of
the
200-day
EMA
to
highs
above
$0.000015.
For
such
a
breakout
to
materialize,
Shiba
Inu
price
would
have
to
push
out
of
the
falling
wedge
pattern,
as
illustrated
on
the
four-hour
chart.
Shiba
Inu’s
Shibarium
Beta
Release
Clouded
In
Code
Drama
Shibarium,
the
Shiba
Inu
scaling
protocol
released
its
beta
version
last
week.
Note
that
a
beta
testnet
refers
to
a
blockchain
protocol
designed
to
function
in
the
same
way
as
the
main
network.
The
testnet
allows
developers
to
test
a
product,
an
upgrade,
or
even
new
features
in
a
real-time
environment
before
they
are
released
on
the
mainnet
blockchain.
However,
the
hype
surrounding
the
layer-2
solutions
provider
was
quickly
washed
out
after
a
high-ranking
community
member
took
to
Shiba
Inu’s
Discord
channel
and
raised
concerns
about
the
development
team
using
a
similar
Chain
ID
to
another
existing
protocol.
“Chain
ID
is
the
simplest
thing
any
Blockchain
dev
looks
for
first
when
deploying
a
Blockchain.
Using
an
ID
that
already
exists
is
just
incompetent
as
your
chain
wouldn’t
work
properly
and
everyone
trying
to
interact
with
your
chain
would
instead
interact
with
the
other
chain,”
Steve
a
community
member
wrote
in
the
Discord
channel.
The
protocol
Steve
was
referring
to
is
called
renia,
with
Shiba
Inu
development
team
accused
of
changing
the
name
to
rinia.
Despite
the
allegations,
some
developers
in
the
community
threw
their
weight
behind
the
Shiba
Inu
team
–
“code
is
forked
all
the
time.
Moreover,
there
is
no
confirmation
that
it
was,”
Jesus
replied
on
the
Discord
channel.
“Even
if
some
of
the
code
was
used
in
the
beta
does
not
mean
all
of
it
was.
To
me,
it’s
very
doubtful
that
it’s
a
direct
fork
with
nothing
changed.
Forking,
and
building
upon
already
established
software,
is
the
core
foundation
of
what
FOSS
(free
and
open-source
software)
stands
for,”
“Justinlime,”
another
community
defended
the
team.
Despite
the
support
from
other
developers
in
the
community,
it
might
take
a
lot
of
effort
to
clear
Shibarium
as
an
original
protocol.
Buy
Shiba
Inu
Now.
Shiba
Inu
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and
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projects.
Disclaimer:
The
Industry
Talk
section
features
insights
by
crypto
industry
players
and
is
not
a
part
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