Shiba Inu Price Forecast: SHIB needs to hold above this level to sustain upward momentum

Shiba Inu price has been hovering in the same region for the past two weeks.
SHIB, though bullish, is suppressed by accumulating overhead pressure due to the EMAs.
Losing the critical support at $0.00001035 could open the drains for the meme token.

Shiba Inu price (SHIB) has been trading sideways within a very tight range. However, the boring price action hints at a looming bigger move coming soon. Accordingly, investors should expect a violent move from the meme token.

Shiba Inu price could explode by over 30%

Shiba Inu price, at $0.00001069 at the time of writing, is moving sideways as bulls do their best to hold above the $0.00001035 support level. This level is crucial for SHIB’s directional bias moving forward, given it has kept the token afloat for almost three weeks now.

One of the factors that could solidify a northbound move for Shiba Inu price is the launch of decentralized applications (dApps) on Shibarium. This would come as developers are drawn to Shibarium’s tier-one security models, including Proof of Stake (PoS), plasma, and hybrid (plasma+PoS) securities. Notably, Shibarium is the new layer-2 (L2) protocol for Shiba Inu, built atop Ethereum (ETH), and is similar to Polygon (MATIC).

#Shibarium is the key to burn $Shib, but also to unlock the power of blockchain for everyone.

Don't sell you $SHIB out of fear! This is only the beginning !✅ pic.twitter.com/OR2a7BObtK
— Shiba Inu News (@ShibalnuNews) March 30, 2023

An increase in buyer momentum above the current level could see Shiba Inu price rise to confront the immediate resistance confluence due to the 100- and 50-day Exponential Moving Averages (EMAs) around $0.00001110. Beyond that, the altcoin could reach higher to tag the 200-day EMA at $0.00001146.

In highly bullish cases, Shiba Inu price could tag the $0.00001350 resistance level, denoting a 25% climb from the current price of $0.00001069. The relevance of such a move comes as it would be a mimic of how SHIB performed around October after consolidating sideways for almost two weeks before breaking out 37% north.

SHIB/USDT 1-day chart

Conversely, if traders start booking early profits, Shiba Inu price could descend, first breaching the critical support at $0.00001035. A daily candlestick close below this level will invalidate the bullish thesis.

Losing the aforementioned support level could open the drains for the meme coin, causing Shiba Inu price to plummet further and tag the $0.00000938 support level. In dire cases, the token could revisit the January lows around $0.00000865, or in the worst-case scenario, tag the $0.00000789 swing low.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.