The Shiba Inu (SHIB) price may be facing the most important moment this year, which could either push the price up another 30% or seal its stay in the bear market. For the SHIB bulls, now is the time to show their true strength. To recall: earlier this year, SHIB experienced a furious rally of close to 100%. But since the yearly high on February 4, at $0.00001597, the Shiba Inu price has been in a descending trend channel, which has even pushed the price well below the yearly opening price at around $0.000008. Over the past weekend, the long-awaited breakout from the descending trend channel took place. The Shiba Inu price broke above the top of the trend channel at $0.0000076 and managed to hold firm above this level on Sunday. However, some selling pressure can be observed today (Monday). A retest of the breakout from the trend channel is taking place. Based on this, it is now up to the SHIB bulls to confirm the trend and avoid a fakeout. If this fails, investors could quickly lose interest in Shiba Inu again and the price could fall towards the mid-range of the trend channel and the yearly low at $0.000006. Related Reading: Significant Surge: Large Shiba Inu Token Transactions Capture Spotlight If the breakout is confirmed, however, resistance at $0.00000833 could become the first target. At this price level, the 23.6% Fibonacci retracement level is also located. With the daily RSI currently sitting at 49, there is still much room left for an explosive move north which could send SHIB on a 30% rally towards the resistance area between $0.00000969 (200-day EMA) and $0.00000977 (38.2% Fibonacci retracement level), before the psychologically important level of $0.00001 is also within reach. At this point, a breather from a possible rally can be expected. Bullish Case For Shiba Inu Price Prevails Santiment, a renowned market intelligence platform, has highlighted the renewed interest in Shiba Inu, evident through a surge in whale transactions. Recent data reveals an astonishing 14 separate transfers exceeding $1 million each as of July 6, the highest level recorded since April 3 this year. Such significant movements of capital not only underscore the confidence of prominent investors but also serve as a testament to the growing trust and belief in the potential of the Shiba Inu ecosystem. A compelling factor contributing to the price rise of Shiba Inu also lies in the generation of new addresses within its network. As reported by Bitcoinist, Shiba Inu has witnessed a substantial increase in the creation of daily addresses, consistently surpassing 2,500 per day in recent weeks. The month of June alone witnessed a staggering surge, with daily new addresses exceeding 4,000, marking an incredible 400% rise from the quarterly low in May. The significance of this surge in new addresses cannot be underestimated. as it shows the renowned interest by retail investors. Related Reading: Breaking: Shiba Inu Lead Dev Reveals Shibarium Release Date, SHIB Up 3% Another factor amplifying Shiba Inu’s price upswing is the heightened anticipation of Shibarium. Enthusiasts and investors firmly believe that Shibarium’s launch will exert a substantial influence on the value of Shiba Inu’s ecosystem. With the official confirmation of Shibarium’s unveiling at the upcoming ETHToronto conference in mid-August, the SHIB army is abuzz with anticipation and speculation. Featured image from iStock, chart from TradingView.com
