Shiba Inu Coin Price Forecast As Shibarium Skyrockets, Will SHIB Hit $0.0001 Before March?

Shiba Inu coin price forecast, SHIB, a popular meme-coin, has recently exhibited bullish behavior, showcasing a notable upward trajectory over the last month.

The meme-inspired cryptocurrency managed to breach the $0.0000095 resistance barrier, maintaining its position above this level most days. In the last 24 hours, Shiba Inu price has slightly increased by over 1%, currently standing at $0.000009807.

Shiba Inu Coin Price Forecast: Bullish Momentum Builds

Throughout the previous week, Shiba Inu’s valuation fluctuated within the $0.0000095 to $0.0000098 range. This fluctuation underscores a positive trend, indicating a robust bullish pattern.

With a market capitalization of approximately $5.78 billion, Shiba Inu ranks as the 17th largest digital currency, according to the latest figures from CoinMarketCap. Moreover, a 25% jump in the 24-hour trading volume, currently at $161 million, signaling heightened trader interest.

December 2023 was a milestone month for Shiba Inu, as it soared past the $0.00001 mark, achieving its highest value. Since reaching this peak, it has slightly pulled back to the $0.0000098 level, with aspirations to climb higher.

The market is witnessing a surge in buying activity, and with strategic token burns and the anticipated launch of Shibarium, the platform is poised for further gains.

Shiba Inu Coin Price Forecast: Shibarium’s Impact on Market Dynamics

Shibarium, the layer-2 blockchain that garners its popularity from the meme-fueled cryptocurrency Shiba Inu, is witnessing a remarkable uptick in its network operations. According to recent data from Shibariumscan, daily transactions have seen a noticeable increase. This surge, remarkable in its scope, occurred over two days.

Historically, Shibarium has seen its fair share of activity spikes. A notable surge was recorded toward the year’s end in 2023 when the daily transaction count impressively hit almost 7.5 million. Such dramatic rises in network activity are often precursors to shifts in the market prices of the associated cryptocurrencies.

SHIB is encountering a critical challenge at the $0.00001 price point. Breaking past this resistance level could begin a bullish phase for SHIB, potentially pushing its value toward a new resistance level at $0.000015. In an even more favorable turn of events, sustained bullish momentum might drive the cryptocurrency’s price to the $0.0001 milestone.

Conversely, a decline below $0.00000950 would undermine this optimistic outlook, possibly decreasing SHIB’s value to the $0.00000800 support level.

The current state of the 24-hour technical indicators supports a bullish sentiment for SHIB. The Chaikin Money Flow index stands at 0.16, signaling positive capital flows into the market. Additionally, the upward trends observed in the 20 Exponential Moving Average (EMA) and the 50-EMA lend further to the bullish perspective.

Moreover, the Relative Strength Index (RSI) is poised at a somewhat neutral 60.08, edging closer to an overbought condition. This alignment of indicators suggests that bullish momentum is building for SHIB.