Market Watcher Spots Bullish Reversal on Shiba Inu Price Chart

Shiba Inu has shoved into an upward trajectory after it smashed crucial resistances last week to remain above $0.000008, currently set on a bullish trajectory.

Investor interest in Shiba Inu (SHIB) has remained high as the Shibarium mainnet launch approaches. This is pronounced in the massive accumulation of SHIB tokens recorded in recent weeks. Accordingly, the asset’s price has been holding firm lately. 

Charts recently posted by Crypto Rand further depicted this positive development in SHIB’s price. According to the analyst, a bullish reversal has been triggered for Shiba Inu recently. 

“Bullish reversal triggered here for SHIB,” he stated, revealing that the crypto asset has remained above the $0.000008 price. Rand’s assertion emanated after the token recently smashed the $0.0000078 — $0.0000088 resistance level. 

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

Notably, the prominent market watcher first called this resistance level on July 27. At the time, he showed that SHIB was pushing for a price breakout in the horizontal range. The prevailing SHIB price action has confirmed this projection.

Shiba Inu Price Review

It bears mentioning that Shiba Inu entered a bearish period earlier this year. This prolonged price plunge lasted four months, as seen on the SHIB/USDT chart. In particular, SHIB began plummeting in February after it touched $0.00001550. The decline continued until support was found around $0.00000650 in June. 

However, the prevailing price movement has boosted the confidence of Shiba Inu investors. A look at CoinMarketCap data shows investors are steadily accumulating SHIB as the Shibarium mainnet launch approaches. 

In the past 24 hours, precisely 21,559,061,654,280 SHIB tokens (21.6 trillion) have been traded. This is equivalent to $180 million at the time of writing. Notably, withdrawals of 3 trillion SHIB from exchanges in July have reduced selling pressure on the asset.

Investors hope that the emergence of the layer-2 scaling solution Shibarium will drive development in the project ecosystem, causing a SHIB price rally. The asset is currently exchanging hands at $0.00000834, boasting a gain of over 7% in the past seven days.