• Shiba Inu (SHIB) price could be facing a make-or-break moment in the coming weeks.
• The success of the layer-2 blockchain and the emerging ecosystem could determine how the SHIB price will perform.
• The 1-day chart reveals that SHIB is still writing low highs on a daily basis since August last year.
The Shiba Inu (SHIB) price could be at a critical juncture as the launch of Shibarium is about to take place. According to the chief developer, the layer-2 blockchain and the emerging ecosystem could become the deciding factor for the SHIB price. To make matters worse, the SHIB price has only had a 43% rise year-to-date (YTD).
The 1-day chart indicates that SHIB is still in a bearish trend, writing low highs on a daily basis since August last year. Recently, SHIB tested the support zone at $0.000011, and has found some support from the 200-day EMA at $0.00001125. If SHIB manages to stay above that level, then a push upwards to the January 18 high of $0.00001292 is possible.
Shibarium and whales could be the key to a successful SHIB price rally. If the layer-2 blockchain and ecosystem are successful, then the SHIB price could surge past the October 29 high of $0.00001519 and possibly break through the resistance zone between $0.00001691 and $0.00001799. This could be the boost the SHIB price needs to return to the bullish territory.
For now, the SHIB price remains dependent on the success of the layer-2 blockchain and the emerging ecosystem. If successful, the SHIB price could surge and finally break through the resistance zone. If not, then SHIB could be in for more losses.