3 months ago 2 min read

Shiba Inu Prices Increase: Will There Be a Rally in 2023?


Before releasing the layer two solution, Shibarium, principal developer Kusama called a meeting. Shiba Inu's price increased and a pleasant mood was created in response to the news, outperforming the leading cryptocurrencies like Ethereum and Bitcoin in the previous day.

Shibarium is an ambitious project by Shiba Inu for the ecosystem's survival. This Layer 2 solution will enable quicker transactions at a lesser cost, expanding the use cases for this coin and maybe increasing its price. While the developers are working hard to complete the much-anticipated Shibarium project, major investors are keeping an eye on this update.

Shiberium's price has increased from its previous level of $0.0000075 to its current level of $0.0000081 following the much-anticipated announcement. It is currently creating a red candle, which rules out a short-term continuation of bullishness.

However, if it doesn't clearly cross that level, the price of about $0.000009 will act as resistance in the near term and prevent the coin from consolidating. Even while the announcement is encouraging and the SHIB community is upbeat, the price chart indicates a short-term slump, therefore now is not the time to invest for the upcoming few weeks.

In the lower Bollinger Bands, candlesticks are forming, and the technical chart reveals that the RSI is about 40 and the MACD is neutral. These technical indicators collectively imply short-term bearishness. Should you make long-term SHIB investments?

Because candlesticks are forming around the long-term support in the lower Bollinger Bands, Shiba Inu is positive. Positive readings on the RSI and MACD are present. Meme coins are riskier than other cryptocurrencies because of their volatility, which is based on social media news. The Sibarium changes will increase the coin's volatility in the upcoming year, making it a good chance for trading and long-term investment.

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