The Shiba Inu price is currently hovering just above two key support levels, expecting a 50% run-up.
The recently created ShibaSwap DEX will determine whether the meme coin succeeds or fails.
A much-anticipated virtual party could be pivotal in determining the fate of the canine-themed cryptocurrency.
Like most altcoins, the Shiba Inu price has been consolidating, but there have been some positive surges to take advantage of. SHIB is currently trading above two key support levels that have previously caused big rallies.
During the recent bull run, a multitude of dog coins developed, including Shiba Inu. These coins drew attention away from Dogecoin, the old joke coin, but SHIB was the only one to survive the catastrophic crash on May 19.
Celebrity endorsements drove Shiba Inu toe to toe with Dogecoin, at least in terms of retail demand, while piggybacking on the frenzy around meme coins got it past the door.
Shiba Inu received a lot of attention, from rapper Meek Mill to boxer Ohara Davies.
Elon Musk’s mentions of the Shiba Inu aided the coin, but unlike other dog-themed cryptocurrencies, this meme coin had plans and a hard cap on its supply, making it stand out.
Shiba Inu was listed on Coinbase as a result of this concoction, which is a significant victory for the altcoin.
The establishment of the ShibaSwap decentralized exchange (DEX) on July 6 was another key milestone. Surprisingly, the exchange’s total value locked (TVL) reached $1 billion on the first day of its operation and $1.5 billion the next.
Unlike other DEXs, ShibaSwap was subjected to a comprehensive audit by Certik, which lends credibility to the debut and may explain the large TVL. However, Twitter user “Banteg” noted that the DEX could easily “take the rug” from under its users.
The TVL is still hanging at $1.5 billion at the time of writing, with three additional pairs added to the platform on July 12.
While these advances are critical, the retail industry is most looking forward to the virtual event on July 20. On July 6, a Shiba Inu influencer who goes by the Twitter handle “Shytoshi Kusama” originally publicized the plan.
Surprisingly, the Shiba Inu price appears to be about to invert from a technical standpoint, lending validity to the optimism around the approaching virtual celebration. While investors may be looking forward to the July 20 event, if holders are not attentive, things might swiftly go wrong.
The price of a Shiba Inu has plummeted nearly 33% in the last week to $0.00000690, barely above a steady support floor of $0.00000654. SHIB will be pushed down to the next demand barrier at $0.00000625 if this level is breached.
Investors should keep in mind that an upsurge could start at any of the previously indicated levels. In other situations, the Shiba Inu price may continue to fall until it retests the range bottom of $0.00000518, at which point purchasers may spark a rally.
The 50 percent Fibonacci retracement level at $0.00000870 is the initial profit target for investors. SHIB might hit the lower end of the high likelihood reversal zone at $0.00000954, which coincides with the 62 percent Fibonacci retracement level, if bid orders continue to pile up.
This represents a 50% increase in value from $0.00000625.
6-hour chart of SHIB/USDT
While the upswing story appears to be credible, investors should proceed with caution, as peak FOMO, or retail hype, is known to cause big corrections.
The dismay of Dogecoin holders during Elon Musk’s much-anticipated appearance on Saturday Night Live on May 8 is a prime example of this. Between May 8 and May 9, the Dogecoin price, which had been projected to rise, reversed and corrected 42 percent.
Similarly, Shiba Inu prices may rise in the days leading up to the virtual party on July 20, but they are anticipated to plummet on or around the date of the event. The uptrend would be halted if this occurred, resulting in a breakdown of the range bottom at $0.00000518.
If buyers fail to drive Shiba Inu price higher and retake the aforementioned level, the bullish thesis will be invalidated, and a 20% decline to $0.00000420 could occur.
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