Shiba Inu Faces Crucial Test at $0.00000959 Support: What’s Next?

Can the recent Shiba Inu bounce from the $0.000009593 support and increased adoption of Shibarium help $SHIB defy key resistance?

Notably, Shiba Inu ($SHIB) is changing hands at $0.00000989 during this writing. It has experienced an 11.1% price increase over the past seven days, a notable upward momentum despite the short-term cool in the broader market.

The meme coin’s price is showing moderate swings in the 24-hour range of $0.0000096 to $0.0000099. Importantly, the ongoing price increase signals market interest at a time when analysts and traders are looking for the next direction. Will Shiba Inu gain a leg up or plunge?

Shiba Inu

The ongoing price action indicates that $SHIB is consolidating between these key levels, with a recent breakout above the 0.382 level at $0.00000959, which could signal further upward momentum.

On the downside, if the price fails to maintain above the 0.382 level ($0.000009593), it could suggest a pullback toward lower Fibonacci zones, with the 1.786 level ($0.000008807) acting as a stiff support in case of further decline.

Additionally, the MACD indicator shows a bullish crossover, supporting the short-term positive sentiment.

However, caution is warranted. If the price continues to climb without sufficient consolidation, it could become overbought, leading to potential exhaustion and a pullback. Its histogram is also in the green zone, indicating positive momentum, though it’s an early sign of potential exhaustion. Ultimately, the key level to watch is $0.00000959 for support.

Analyst: $SHIB Bull Run Incoming?

Speaking about Shiba Inu, James Waynn, a community figure on X, has shared his thoughts on the potential of a bull run. He believes that the bullish case for $SHIB is building, suggesting that significant gains could be seen in the next bull cycle.

According to Waynn, a key factor behind this positive outlook is the growth of Shibarium, the Layer-2 solution for the Shiba Inu ecosystem. As Shibarium sees increased adoption, dApp usage, and higher transaction volumes, more $SHIB tokens are being burned.

According to him, the reduction in the circulating supply, coupled with the growing demand for $SHIB due to Shibarium’s expansion, sets for price movement.