Shiba Inu Price Prediction: SHIB Price Approaches $0.000012 Support After Shibarium Upgrade

Shiba Inu price shows signs of resilience while eyeing immediate support below for potential relief from the price drop.

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Shiba Inu (SHIB) price shows signs of resilience as it eyes an immediate support below for a potential relief from the price drop. However, the selling pressure is rising.

Key technical points:

Shiba Inu price might be nearing a crucial support level below. A breakout from this support could lead to a further price drop towards the next lower support level.

The recent Shibarium network upgrade led to a massive increase in SHIB burns, with over 38,000,000% rise in the past 24 hours.

The SHIB price is trading at a loss for the past 24 hours, with a 2.48% increase in the past 24 hours and a 1.86% rise in the past week.

According to CoinGape’s analysis, the SHIB price is set to approach a crucial support level as it continues to trade within a descending channel. While approaching this support, the price might encounter a breakout from the channel’s lower trendline.

The breakout from this support, situated around $0.00001200, could lead to a further price drop towards the next lower support level at $0.000010. However, if the price manages to sustain above this crucial support, it could continue its recovery attempt.

Hourl SHIB/USD Price Chart Analysis

Shiba Inu price encountered a resistance at $0.00001400. Source: TradingView

Shiba Inu Price Approaches $0.000012 Support

Shiba Inu price dropped 4% in the last 24 hours to trade at $0.00001368. Conversely, the trading volume for SHIB surged by 41.2% over the same duration. This signals that the selling pressure is on the rise.

The recent Shibarium network upgrade on August 9 had an incredible impact on the network. On August 11, the Shiba Inu burn rate skyrocketed by over 38,000,000%, inspiring optimism in its investors.

The SHIB price is trading below the 50-day and 200-day exponential moving averages (EMAs), indicating a bearish trend. The 50-day EMA provides immediate resistance at $0.00001401, while the 200-day EMA adds another strong resistance at $000001575.

If the SHIB price respects the $0.00001200 support and bounces back above the 200-day EMA, it may show a more pronounced reversal signal facilitated by increasing market strength. The SHIB targets would be around $0.00001900.

65% Investors Betting on SHIB Price Surge

A glance at the Coinalyze data will reveal that a large number of market participants are betting on a SHIB price increase. The Shiba Inu Long/Short ratio indicates that 64.18% of traders are Long on SHIB.

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