The Shiba Inu memecoin has recently witnessed a revival in the market, with its price catching the attention of investors. Despite a bearish outlook earlier, the coin is now poised to break crucial price milestones in the near future. The death cross formation that occurred on April 6 signaled a downtrend, but the coin has since recovered and is trading at $0.00001249, showing a 2.14% increase in 24 hours.
One significant development for Shiba Inu is the confirmation of a golden cross pattern on the SHIB/USDT 4-hour chart. This pattern indicates a bullish signal, as the short-term Moving Average has crossed above the longer-term moving average. While the golden cross is yet to form on the daily chart, the current momentum suggests a potential breakout in the near future. Additionally, Shiba Inu has climbed the ranks to become the 17th largest cryptocurrency, displacing Hedera.
The upcoming launch of Shibarium, along with its Layer-2 scaling solution, is expected to act as a catalyst for Shiba Inu’s price rebound. The achievement of milestones such as 200 million addresses on Shibarium could signify growing adoption and lead to an increase in token valuation. With Shibarium already surpassing 1 billion total transactions, the project shows promising signs of organic growth that could potentially rival Dogecoin in the future.
Despite the recent price surge, the question remains how high Shiba Inu can soar in the market. Some analysts predict a potential retest of its all-time high of $0.00008844, which would require a 710% growth from current levels. However, considering the historical trend of the coin and the current momentum, achieving this milestone is not entirely out of reach. The memecoin ecosystem continues to evolve, with Shiba Inu at the forefront of the latest market revival. As the project gears up for future developments like Shibarium, investors are keeping a close eye on its potential for further growth and success in the cryptocurrency market.
