Like every other cryptocurrency, Shiba Inu too started the year 2023 on a recovery cycle. The second largest meme currency even managed to hit a high of $0.0000155. However, since then Shiba Inu’s SHIB has been on a bearish momentum.
Currently, Shiba Inu is selling at $0.0000124 after a drop of 0.65% over the last 24hrs. This $0.0000120 support is a crucial area as this price level has been support and a resistance in the last six months. Hence, if Shiba Inu falls below $0.0000120, the price could further drop at $0.0000102 and if it moves north SHIB could once again trade above $0.0000155.
Shiba Inu Price Towards Its Next Bull Run ?
The short-term six-hour time frame indicates that the currency had completed its five-wave upwards trend which pushed the price above $0.000055 on Feb 4. Hence, if Shiba Inu successfully claims above $0.000055 area, it suggests that the correction is completed and SHIB will soon move towards its next bull rally of $0.0000180.
On the other hand, what needs to be looked at is the reason for Shiba Inu’s current bearish pull back. As per the data one of the main reasons for the currency’s negative price trend is the decreased excitement around Shibarium launch. Even though Shiba Inu lead developer Shytoshi Kusama recently claimed that the Shibarium might be launched by May, the traders and investors still speculate the claim.
Even though the lead developer has asked the community to stop worrying about the launch, as per the reports the Shibarium launch is one of the most looked forwards projects. While the SHIB community gets impatient with the launch, there is no exact date revealed by the team.
Now, if the launch happens by May as per the claim Shiba Inu price might soo see its next bull run
