Shiba Inu (SHIBUSD) coin price has been hovering in the same region for the past few weeks. The price is trading within a very tight range, suggesting that a bigger move is on the cards very soon. During this time, SHIB price has underperformed with respect to BTC, which is currently more than 40% up from its monthly lows.
On Friday, the Shiba Inu coin is trading sideways after showing minor losses. The coin is 0.38% down for the day. Even though SHIB price is 8.2% up from the month’s low, it is yet to break above the $0.00001084 resistance. At the moment, the price is consolidating below this level.
SHIB Price Fails To React To Shiabrium
The public beta testnet of the much-awaited Shibarium blockchain is already live since March 11. Due to an issue with the chain id, the network had to be redeployed with a new chain id of 719. According to the most recent SHIB news, the beta testnet of Shibarum, known as ‘Puppynet,’ has hit the key milestone of 100k wallets. Nevertheless, the Shiba Inu coin price has failed to react to the increase in network activity on Shiibarium.
In other news, the lead developer of the project, known as Shytoshi Kusama, has disclosed that around 500 validators are interested in joining Shibarium. According to him, these potential validators have already been invited to use the Puppynet. By using the beta testnet, developers will be in a much better position to decide.
Shiba Inu Coin Price Continues Sideways Chop
Technical analysis of the SHIBUSD chart shows that the price has been consolidating around the 200 moving average for the past couple of weeks. This boring price action is keeping most of the traders at bay. However, these types of sideways chops often result in a massive move in one direction.
Therefore, in the coming days, I expect a very violent move in SHIIB. Considering the daily chart, it appears that the price has more probability of going down before continuing up. The most likely scenario is the sweep of the March lows of $0.00000965 and then a bounce above 200 MA. Another factor affecting the Shiba Inu coin price prediction will be the launch of the dapps on Shabiarium.
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