After a few days of trading in a narrow range, SHIB burst higher on January 18, as seen by an enormous daily green candlestick.
David Gokhshtein, a founder of Gokhshtein Media, declared in response to the transfer, “SHIB is finally moving.”
According to a story from two days ago, Gokhshtein asked his 696,200 Twitter followers whether anybody was buying up on SHIB, implying that he himself was loading up on the dog-themed cryptocurrency. Shiba Inu has been steadily increasing since the beginning of 2023, after rebounding from lows of $0.000007 at the end of 2022.
Today’s increases to intraday highs of $0.00001295 were the most significant as SHIB surprisingly surpassed the $0.000011 barrier that had impeded its price activity over the previous four days.
According to statistics from CoinMarketCap, the value of the Shiba Inu (SHIB) coin has increased by more than 18% in the previous 24 hours. The trade volume of Shiba Inu has surged by a staggering 250%. Nansen, a platform for data analytics, claims substantial SHIB trade on both decentralized and controlled exchanges. SHIB has gained 35% in the last week.
The excitement originates from the imminent release of Shibarium, a Layer 2 network based on Ethereum. Shibarium Layer 2’s beta release is anticipated “very soon.”
On the four-hour chart of SHIB, a number of good technical aspects are visible. SHIB’s moving averages have created a positive crossing, or “golden cross,” which supports the most recent higher movement.
In addition to resolving a bullish pennant, the second-largest dog cryptocurrency also exploded. The bulls seem to be consolidating, as seen by the steady formation of another pennant before another upward advance.
In this case, SHIB may aim for $0.0000136 and then $0.0000156. Otherwise, SHIB may consolidate within the region of $0.000011 to $0.000012 before making its next move.
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