Shiba Inu’s token, SHIB, has increased by 15% and is currently trading at $0.00001120. The price had corrected to $0.00001 in March before rebounding, indicating a potential change in trend. However, SHIB needs to overcome certain resistance levels before a new bull market can be confirmed. The daily chart shows that the token is currently capped by the 100-day Exponential Moving Average, which is crucial to breaking out of the falling trendline. While the MACD indicator suggests a bullish front, potential resistance at the 200-day EMA and seller congestion areas could affect SHIB’s recovery journey. The four-hour chart shows that SHIB is currently sitting above the 100-day EMA and could potentially break out of the falling wedge pattern. Additionally, concerns have been raised about Shibarium, the Shiba Inu scaling protocol’s beta version, with allegations that the development team used a similar Chain ID to another existing protocol. Despite this, some in the community have defended the team, stating that forking and building on already established software is the foundation of FOSS.
