• The Shiba Inu (SHIB) price has dropped 4% year-to-date and is currently trading around $0.00000831.
• Popular crypto analyst Alan Santana believes that the current correction in the price of Shiba Inu is over, and a 200% rally could be expected in the coming months.
• Santana believes that Shiba Inu’s reversal signal was triggered by a Doji candle with a long lower wick closing green on August 22.
Shiba Inu Price Analysis
The second largest meme coin by market capitalization and daily traded volume, Shiba Inu (SHIB), has undeniably oscillated between the same price it opened the year despite high crypto volatility YTD. According to the latest crypto market data provided by Coingecko and TradingView, Shiba Inu’s price has dropped approximately 4 percent year to date to trade around $0.00000831 on Wednesday.
Hype Around Shibarium Layer Two Scaling Solution Impacting Price Action
The hype surrounding the Shibarium layer two scaling solution has had a significant impact on the Shiba Inu price action, more so in the past few weeks. Notably, Shiba Inu price rallied before lead developer Shytoshi Kusama announced the official launch of Shibarium. However, the meme coin has since retraced following the general crypto bearish outlook and chaotic Shibarium launch.
Alan Santana’s Analysis
Popular crypto analyst on TradingView with over 120k followers, Alan Santana believes that Shiba Inu’s price is well positioned for another 200 percent rally in the coming months as he argued that Shiba Inu’s correction is over and bulls are now in control of its market action due to its relatively high volume despite recent dip on August 17th. He highlighted that this reversal signal was triggered by a Doji candle with a long lower wick closing green on August 22nd which also closed above 0.618 Fibonacci level support line indicating an uptrend reversal for SHIB’s market performance going forward.
General Crypto Bearish Outlook Impacting SHIB Price Performance
Following general crypto bearish outlook dominating sentiment among investors as well as chaotic Shibarium launch, SHIB has endured corrections but it seems like this period of corrections might have come to an end as per Alan Santana’s analysis which suggest bullish momentum ahead for SHIB based on its strong fundamentals such as high volumes even after recent drop and Doji candle closure above 0.618 Fibonacci support line suggesting bullish trend going forward for SHIB prices .
In conclusion, while there is still some uncertainty regarding future development plans for Shibarium layer two scaling solution from lead developer Shyoshi Kusama , it appears that overall conditions remain positive for future prospects of SHIB prices , given favorable technical analysis from popular analysts such as Alan Santana who expect further growth potential up to 200 % ahead for SHIB prices .