Meme crypto Shiba Inu has drawn the attention of digital coin experts due to its potential breakout. Analyst Jake Wujastyk suggested that the candle chart highlights a possible bullish reversal for SHIB.
The chart shows the alt’s latest actions and underscores a breach of a months-long downward trend line.
Shiba Inu traded at $0.00000993 during this publication, gaining over 10% within the past day. Also, the dog-themed cryptocurrency jumped nearly 20% in the previous week.
The impressive price performance propelled SHIB’s market value to $5.85 billion, cementing the narrative of a potential bullish comeback for Shiba Inu.
Shibarium bolstering Shiba Inu
Meanwhile, the layer2 scaling solution Shibarium has been the focal point for the Shiba Inu community. Significant milestones such as more than 12.5 million transactions within 48 hours and 5-second block finalizing time, establish Shibarium as a solid platform.
The significant transactions signal Shibarium’s resurgence, considering its recent dormancy. However, some believe Shibarium’s top-notch performance is yet to (fully) reflect on SHIB prices.
However, market players are watching how Shibarium developments could shape SHIB’s market trajectory.
Shiba Inu community member SHIB Bezos trusts the token will witness an astronomical rally amid growing Shibarium optimism. Exchanges adopting Shibarium and more project building on the platform will translate to massive transactions, boosting SHIB prices.
While forecasting SHIB’s potential in the upcoming bull run could be challenging, the 16th-largest digital coin remains afloat due to its loyal and robust community. Shiba Inu outperformed during the 2021 market-wide rallies, and a repeat of the same will see the meme token exploring new all-time highs.
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