Shiba Inu Snaps Out of Bearish Phase After 728 Days, What Is the Next Target?

As the crypto market shows signs of improvement in the last few weeks, SHIB has also shown recovery on the daily chart. Shiba Inu has broken out of a multi-year downtrend that has limited its price gains for the past 728 days.

It has found critical support at the $0.000008 price range. However, the big question is what’s next for SHIB as the bulls continue to rally.

SHIB Finds Support At $0.00000812, What Next For The Token?

SHIB has remained below $0.00008845, which is its all-time high value, over the past two years after a decline during the bear market. SHIB rose to $0.000015 early in February 2023.

However, the bears forced a decline to $0.00000543 in June. 

Remarkably, the $0.00000812 support level has proved critical to SHIB price moves. After finding support at $0.00000812, it traded at a high of $0.0000096 on November 11 before another decline began. 

So, the price pattern has repeated as SHIB returned to the $0.00000812 support on November 24.

Meanwhile, the bears at the $0.00000852 resistance level are intent on limiting the price gains. The Relative Strength Index (RSI) indicator is in the neutral zone and displays a value of 50.43. Also, the sideways movement of the RSI indicator suggests that the bears and the bulls are in keen contest for control. 

Additionally, the Moving Average Convergence/Divergence (MACD) indicator is below its signal line. However, the red Histogram bars are fading, suggesting a possible uptrend for the token in the coming days.

Based on Historical data, the retracement for SHIB will only be in the short term since it has returned to a critical support level. Therefore, it will likely break above the $0.00000852 resistance level if the bulls prevail.

Once SHIB breaks above $0.00000852, it will likely rise to the $0,00000877 price level as the next realistic target.

What is Driving SHIB’s Price Gains?

Shiba Inu continues to unveil notable developments after the launch of its Shibarium project. Earlier in November, Atomic Wallet added the Shibarium Tech to their wallet.

This exposed SHIB, BONE, and LEASH to the five million Atomic Wallet users, likely contributing to its price gains. 

Huge shoutout to @AtomicWallet for joining the Shibarium party! 🙌 Now, 5 million Atomic Wallet users can dive into the Shibarium universe with full support for $BONE, $SHIB, $LEASH 🌐 #ShibaArmy let’s show some love! 💙🚀 https://t.co/7LAABy32T1

— Shib (@Shibtoken) November 15, 2023

Also, Shibarium now ranks among the top five most active networks, which will attract more partners to the ecosystem. Developers are also encouraged to deploy their technology and build on Shibarium.

Based on these positive reviews, Shibarium is living up to the hype by the SHIB Army. 

Additionally, Shiba Inu developers hosted an NFT minting event. Community Members minted 7000 exclusive NFTs, which has created a buzz in the crypto community. 

With the current rally in the crypto market and the exciting developments in the ecosystem, SHIB will likely continue its rally.