The second hottest meme coin on the crypto market, Shiba Inu (SHIB), is about to launch its eagerly awaited layer 2 scaling resolution Shibarium.
Whereas lead developer Shytoshi Kusama has repeatedly stated in latest weeks that the launch date shouldn’t be but set however will likely be “quickly,” he might now have leaked the beta launch date himself wrapped in a phrase puzzle. He revealed the decisive trace in his Twitter bio, the place he writes:
Tending the Pine Tree of Life. Rapidly studying to play the flute earlier than placing Shibarium in a coronary heart formed field with a bow.
For the Shiba Inu neighborhood, that is an unmistakable clue that the beta model of Shibarium will likely be launched on Valentine’s Day, February 14.
Already on January 15, Kusama had posted a prelude to his announcement, the place he mysteriously acknowledged:
Throughout fall the tree might have only some leaves, however then spring seems.
Fortunately, Shibarium, on this context, is a Pine Tree. Nonetheless, it wants water, daylight and correct soil. However pines survive and thrive throughout the harshest winters. (I additionally hear the needle tea is sweet for you.)
Shiba Inu (SHIB) Value Reacts By Shifting Up 4%
Shiba Inu (SHIB) has risen virtually 4% within the final 24 hours and 21% inside the final week, with the worth at the moment standing at $0.00001249. Buying and selling quantity was round $305 million inside the final 24 hours, representing a -55% lower towards the earlier time interval.
12 months-to-date (YTD), SHIB is up about 43% on the present value, the very best degree since early November 2022.
This rally has been primarily pushed by two causes: on the one hand, macroeconomic sentiment has improved considerably, giving the general crypto market a robust increase, and however, Shibarium has supplied some degree of FOMO.
Nevertheless, a have a look at the 1-week chart of SHIB reveals that the worth ought to nonetheless be assessed as principally bearish. In its third try since September 2022, SHIB’s value has failed to shut above $0.000014 on a weekly foundation.
The resistance zone between $0.000013 and $0.000014 has up to now proved too cussed to substantiate a breakout from the bearish territory.
The 1-day chart reveals the huge drop from the decrease finish of the resistance zone at $0.000013 very clearly. At present, nonetheless, SHIB is discovering assist from the 200-day exponential shifting common (EMA).
As signaled by the each day RSI, Shiba Inu (SHIB) is in an overbought situation. Every day, the RSI remained considerably within the overbought zone, 79 at press time.
Ideally, the RSI causes buyers to cut back their positions and thus provoke a value correction on a value foundation. In any other case, there must be a correction on a time foundation, which might imply an extended sideways development under the resistance zone.
To set off a sustained bullish breakout on the each day and weekly charts, Shiba Inu wants to interrupt above the $0.000014 degree inside the subsequent few weeks.
Featured picture from VOI, Charts from TradingView.com