An early Bitcoin advocate who urged traders to buy BTC at only $1 has now predicted that the Shiba Inu price will go to the moon. According to the analyst, the Shibarium layer 2 network would be the main catalyst behind these massive gains.
At press time, Shiba Inu price trades at $0.0000129 following a 5.3% decline in 24 hours.
Early Bitcoin Advocate Forecasts Massive Shiba Inu Price Rally
According to analyst Davinci Jeremie, Shiba Inu price could be on the verge of a massive rally. The analyst noted that such gains would likely be driven by Shibarium, a layer 2 network launched on the Ethereum network.
In a video analysis, he noted that SHIB would be one of the top gainers this cycle. However, the amount of gains that this meme coin would make would depend on the utility derived from the Shibarium layer-2 network.
Jeremie believes that Shibarium could be the key to pushing the Shiba Inu price higher. As more decentralized applications are created on the network, SHIB could go to the moon.
As Coingape reported, Shibarium is close to the $1 billion milestone. With the level of activity rising on this layer 2 network, the SHIB burn rate is poised to skyrocket. The high utility and reduced supply are likely to bode well for Shiba Inu price.
SHIB Technical Analysis as Mixed Signals Emerge
Shiba Inu price was showing mixed signals on its daily chart, suggesting that volatility could spike in the near term. The meme coin has formed a rounding bottom pattern, which may lead to a bullish Shiba Inu price forecast and a potential shift from a downtrend to an uptrend.
A rounding bottom pattern usually hints at weakening selling pressure. If SHIB can recover, the major resistance is at the neckline of this rounding bottom pattern at $0.000033. If the price flips this resistance, it could potentially rally towards $0.000095.
However, while this pattern shows a potential reversal, the RSI is making lower lows. This indicates that the bearish momentum is gaining strength, which could push the prices lower. The MACD line has also flipped negative and the histogram bars are red, indicating that selling pressure is now strong.
For SHIB price to avert these bearish trends and recover, buyer interest needs to surge again. However, the crypto market sentiment has shifted to fear. This could lead to hesitation by retail traders to buy SHIB, which may affect its potential recovery.
The post Analyst Who Called Bitcoin at $1 Says Shiba Inu Price Will Go to The Moon appeared first on CoinGape.
