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Shiba Inu Coin Price Maintains Uptrend As Bitcoin Tumbles

Our analysis suggests that the Shiba Inu coin price is showing good strength. Although the price has faced rejection from the $0.000015 level it is still maintaining its uptrend that started in the last week of December 2022. If Bitcoin price rebounds from current levels then SHIB price prediction could become very bullish.

Most cryptocurrencies have been showing negative price action since last week due to the SEC’s action against Kraken. The top US change had to settle with the regulator for a $30 million fine as it offered crypto staking services.

The Bitcoin price was quick to react to the news and lost its $22,000 support. This negative price action also affected the altcoins. At the time of writing, the SHIB coin is trading at $0.00001255 and the price is 2.26% down since yesterday. As per the latest Shiba Inu news, the team is developing its own layer 2 network known as Shibarium.

As per the official announcement, the beta version of the layer 2 solution called Shibarium will be launching very soon. This news has affected the price very positively and is likely to make the Shiba Inu coin price prediction very bullish in the coming months.

Shiba Inu Coin Price Chart

On the daily timeframe, the SHIB USD price chart appears to be range bound. The price has gained 54% since the start of the year. However, the price has also formed a Swing Failure Pattern (SFP) as the price failed to break above the $0.000015 level. This was the October 2022 high which has now become a resistance.

If Shiba Inu coin price reclaims this level then I expect the price to surge toward the $0.000018 level very quickly. This would be a 44% price increase from the current level. However, any daily closure below $0.00001089 could invalidate this price prediction.

Shiba Inu Coin price daily chart
Shiba Inu Coin Price Daily Chart