Shiba Inu to Rally 27%, Traders Should Watch These Price Levels

• An analyst predicts that Shiba Inu could stage a rally if it stays above three critical support levels. 

• Shiba Inu is predicted to surge by 27 percent from its current price to hit $0.000013 in just a few weeks. 

Shiba Inu is one of the best-performing meme coins in the crypto industry as it currently exists as the 12th largest crypto by market cap. As of the time of writing, the asset was trading at $0.00001. In the last 90 and 30 days, Shiba Inu has risen by 11 percent and 25 percent respectively. However, its 24-hour price growth is negative as the meme coin fell by 4 percent. 

According to a renowned crypto analyst Michael van de Poppe, Shiba Inu would continue its upward trajectory when it holds onto its support levels. In the week ending August 11, the asset recorded a 16 percent price surge and emerged as the highest gainer among 100 crypto assets. Its 24-hour trading volume also saw an increase of 65 percent within the period when Bitcoin and other altcoins were in “reds”. However, the asset took a nosedive on August 14 when the price fell to $0.00000996 from the recent high of $0.00001136 recorded on August 12. 

Interestingly, the retracement was short-lived as investors increased their demand for the meme coin on Monday. According to de Poppe, Shiba Inu could hit $0.000013 in just a few weeks from the current price. This represents a 27 percent surge. For this to happen, the critical support levels would play a huge role.

In his analysis, de Poppe fixed the support levels at $0.00000808, $0.00000870, and $0.00000941. When SHIB trades below these levels, the asset would fall into a downward trend. 

More Shiba Inu Analysis

Another analyst also observed a rejection under key resistance on Sunday, claiming it to be the first time in over a week that sellers dominated the market. 

The analyst also pointed out that the daily RSI shows a clear bearish divergence, indicating the loss of control by bulls. The MACD histogram was observed to have made lower highs for four days. This indicates that the market could be in control of bears if bulls do not return. 

Separate data suggests that the Shib community accelerated the Shiba Inu burn, increasing it by 282 percent this week. With this, the asset is expected to make a 200 percent additional run. An analyst known as Kaleo has also predicted that Dogecoin would be bullish for the rest of the year. According to him, this meme coin could hit $0.2 in 2023. 

It is also important to note that the Shibarium launch is just around the corner as Shiba Inu lead developer Shytoshi Kusama hinted that it could be unveiled at the Blockchain Futurist Conference on August 15-16th. A few hours ago, the official X account of the project posted a video teaser, with Kusama stating: “Soon is tomorrow. See you at the keynote.”

Many users have so far expressed their dissatisfaction about the delay of the Shibarium mainnet launch, with the founder of The Gem Pad replying in a comment:

Hope we don’t get an encyclopedia tomorrow, Shytoshi Kusama. We all just want Shibarium Mainnet launch.

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