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After a few days of range trading, SHIB exploded higher on Jan. 18, printing a massive daily green candlestick.
"SHIB finally moving," David Gokhshtein, founder of Gokhshtein Media, announced in reaction to the move.
$SHIB finally moving. 🔈
— David Gokhshtein (@davidgokhshtein) January 18, 2023
As reported two days ago, Gokhshtein excitedly asked his 696,200 Twitter followers if anyone was loading up on SHIB while suggesting that he had been loading up on the dog-themed cryptocurrency. Shiba Inu has been on a steady rise since the start of 2023 after recovering from lows near $0.000007 at the close of 2022.
Today's gains to intraday highs of $0.00001295 were the biggest as SHIB unexpectedly broke past the $0.000011 barrier that had hampered its price action in the last four days.
Shiba Inu (SHIB) token is up over 18% in the last 24 hours, per CoinMarketCap data. Shiba Inu's trading volume has also increased by a whopping 245%. Data analytics platform Nansen reports heavy SHIB trading on both decentralized and centralized exchanges. SHIB is up 35% in the last seven days.
The optimism stems from the upcoming launch of Shibarium, a Layer 2 network built on top of Ethereum. A beta launch for Shibarium Layer 2 is expected "very soon."
SHIB price action
On the SHIB four-hour chart, a lineup of favorable technical factors can be seen. SHIB has formed a positive crossover, or "golden cross," in its moving averages, supporting the latest upward move.
The second largest dog-themed cryptocurrency had also resolved a bullish pennant, leading to its explosion. The bulls seem to be consolidating, as seen in the gradual buildup of another pennant before another move up.
In this scenario, SHIB might target $0.0000136 next, followed by $0.0000156. Otherwise, SHIB might consolidate near the $0.000011 to $0.000012 range before the next move.
Alex Dovbnya
Arman Shirinyan
