Shiba Inu Price Analysis
Technically, the Shiba Inu price remains in bearish territory for several reasons. As explained in previous analyses, the Shib price entered a downtrend channel in early February this year. The breakout from the bearish chart pattern succeeded six days ago, however, there is still a possibility that it is a fakeout.
Shib’s trading volume was rather below average during and after the breakout. Only yesterday there was a noticeable increase. Within the last few hours, trading volume rose to $232 million, 200% higher than the previous day. In the best case, the volume should remain high to avoid a fakeout.Shibarium As Catalyst
As NewsBTC reported, Shiba Inu chief developer Shytoshi Kusama has hinted a few days ago that the long-awaited layer-2 solution Shibarium will be unveiled along with numerous other innovations at the ETHToronto conference on August 15-16. With only 32 days left until this event, the hype could undoubtedly serve as a catalyst for SHIB. At least Shiba Inu ecosystem token BONE has already benefited from the announcement, raking in high double-digit percentage gains.
Just today, Kusama fueled anticipation for Shibarium when he announced the relaunch of the official Shiba Inu website Shib.io. Via Twitter, Kusama teased “Enjoying the summer of Shibarium.”As the continues we are proud to introduce new branding for and other websites! Give it a look! — Shytoshi Kusama™ (@ShytoshiKusama)