Shiba Inu (SHIB) Buzzing Ahead of Shibarium Launch — Where Will the Price Go?
SHIB token price hasn't reacted positively on Shibarium release hint.
Key Takeaways
- Shiba Inu’s lead developer hints at Shibarium launch today, August 16.
- SHIB token on a steep decline with high volume
- Immediate increase is needed in order to turn bullish
At the Blockchain Futurist Conference today, August 16, the lead developer of Shiba Inu, Shytoshi Kusama, used the opportunity to bring attention to the imminent Shibarium launch. He praised the Shiba community and hinted at a metaverse project on the Shiba Inu network.
He accomplished what he aimed for, creating a buzz around the projects and their future plans. The audience was left excited and in anticipation. The Shibarium release date hasn’t yet been officially announced but was hinted by Kusama in a Discord chat to be possible today.
How did all of this reflect on the SHIB token price?
Price Analysis
The price of the SHIB token has been on a decline since August 12, when it reached $0.0000113 at its peak. From there, a descending channel was formed and measured to its today’s low of $0.00000944; we have seen a decrease of almost 17%.
Today’s move was a highly descending one with strong volume, which made an interaction with the descending channel’s support. The RSI is touching the oversold zone and is at 30% on the hourly chart.
Prior to this downtrend from August 12, the price was in an uptrend from August 7 and still is being traded above its starting point. This means that overall, SHIB is still in an uptrend, but can it continue moving back up, or will the current decline lead to further lows?
SHIB Price Prediction
Looking at the daily chart, we can see that the price SHIB has been trading in a descending channel since August last year. The wave structure inside the channel implies that we could have seen the completion of this descending move on June 10 when the price fell to its new bear market low of $0.0000060.
If this is true, then the rise seen from June 10 is the first sub-wave of the next higher-degree starting impulse. As it hasn’t developed fully, we could assume that we are seeing its wave 4 after wave 3 made a third interaction with the descending resistance.
In order for this projection to stay valid, the price needs to maintain above $0.0000085, which is the territory of the wave. This is so because, according to the Elliott Wave theory, wave 3 cannot overlap with wave 1.
We need to see positive price action immediately and one higher high above the descending resistance level to be sure that June 10 was the completion of the downtrend. However, after this expected move, we are to see a corrective ABC that is going to retest the prior resistance for support at $0.0000096.
Alternatively, today’s interaction was yet another retest of the descending channel’s resistance that is going to end as a rejection, pushing the price of a new lower low, below June 10.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
