The price of Shiba Inu (SHIB) has taken a bullish turn as it surged above crucial resistance levels last week, maintaining its position above $0.000008 support and showing signs of a bullish trajectory.
Investor interest in Shiba Inu remains high, especially with the approaching launch of the Shibarium mainnet. This has led to a significant accumulation of SHIB tokens in recent weeks, resulting in the asset’s price holding firm.
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Crypto Rand Spots Bullish Signals
Crypto Rand, a well-known market watcher, recently shared charts depicting the positive development in SHIB’s price.
According to Rand, a bullish reversal has been triggered for Shiba Inu (SHIB). He highlighted that the crypto asset has remained above the $0.000008 price level, breaking through the resistance range of $0.0000078 to $0.0000088.
Bullish reversal triggered here for $SHIB breaching the range mentioned in the recent post…looking great: pic.twitter.com/SYtqQXMAfD
— Crypto Rand (@crypto_rand) July 31, 2023
Interestingly, Crypto Rand first identified this resistance level on July 27, pointing out that SHIB was pushing for a price breakout in the horizontal range. The recent price action of SHIB has validated his prediction.
Looking back, Shiba Inu entered a bearish period earlier this year, enduring a four-month-long price decline as shown on the SHIB/USDT chart. The decline started in February after SHIB reached a high of $0.00001550 and continued until it found support around $0.00000650 in June.
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However, the current price movement has instilled confidence in Shiba Inu investors. CoinMarketCap data reveals a steady accumulation of SHIB as the Shibarium mainnet launch draws near.
In the past 24 hours, a staggering 21.6 trillion SHIB tokens, equivalent to $180 million, have been traded. It’s worth noting that the withdrawal of 3 trillion SHIB from exchanges in July has alleviated selling pressure on the asset.
Investors are hopeful that the introduction of Shibarium, a layer-2 scaling solution, will drive further development in the Shiba Inu project ecosystem and potentially lead to a price rally for SHIB. Currently, the asset is being traded at $0.00000834, reflecting a gain of over 7% in the past seven days.
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