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Shiba Inu Price Support at the $0.000029 level is a Sign it Could Rally Soon

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Despite the ongoing Cryptocurrency fall, Shiba Inu coin price support at the $0.000029 level is a Sign It Could Rally Soon.

Most cryptocurrencies have been on a fall since the beginning of the year with major coins losing in double digits. With Shiba being a major cryptocurrency, this fall seems to be hitting a support zone that could soon act as a reversal point.

Despite the coin recording major gains last year, it has lost over 60% from its peak value in October. This makes it ideal at the current status to have a reversal due to various supporting indicators.

Key Technologies That Will Make Shiba Coin a $0.01 Token

Price Action Indicators

The coin’s price seems to reject downward movement at the current price levels. Having had rejection at this level thrice has made it a credible support level that could act as a potential reversal point soon.

Price action indicators are key tools that investors use in making market decisions. This support zone shows buyers are sitting at this level. With more joining the market, the momentum could reverse triggering a bullish rally.

Momentum indicators also show a potential loss of selling power more so on the larger timeframes. The combination of momentum indicators such as the stochastic indicator with price action indicators is key in predicting the future market direction.

With these two in support of bullish momentum, it is just a matter of time before there is a rally.

How Low Can the Shiba Inu Coin Price Get Before A Reversal Happens?

Shiba Inu Coin Price Rallies

Shiba has become famous for its huge rallies within a short time. Traditionally, the coin can make a 500% price gain within a week as happened in the last rally.

These huge jumps have made the coin famous attracting over 1 million investors currently. In recent social surveys, SHIB the dominant Shiba network coin ranks among the top 3 most famous coins in the market.

This happens despite the coin being less than 2 years in the market.

There are expectations that the next rally could take the coin to its previous high of $0.000088 and beyond. Such a move would represent a gain exceeding 200%.

The ongoing Shiba developments are also expected to have a key impact on the coin’s price in the future. Some of these include;

Shiba Metaverse Games

Shiba network recently announced plans to join the metaverse industry through the development of Shiboshi games. These will use the already existing Shiboshis non-fungible tokens that Shiba launched In October.

The metaverse industry has been gaining attraction in recent days with major networks working to launch their products as well.

Most of the decentralized networks focusing on Metaverse such as Decentraland and Sandbox have been recording price gains recently.

This indicates the market is confident in the value of this technology. A factor that could impact Shiba’s price positively as well. Although there is no given launch date. Most analysts believe the solutions could be ready by mid this year.

A Shiba Inu Price Reversal at this Level Could Cause a 100% Rally

Shibarium

Shibarium is a key development Shiba is undertaking that could tremendously change how the coin works.

It is meant to be a layer 2 blockchain network existing on the current Ethereum layer 1 blockchain. The development of Shibarium will give the coin flexibility and freedom.

It will enable handling some of the challenges that come from using the Ethereum blockchain such as high gas fees.

These developments will be key in driving the next Shiba rally that could originate from the current key Shiba Inu Price support level.

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