Shiba Inu Price Rides Momentum Wave as Shibarium Upgrades Loom
The Shiba Inu token has been showing signs of momentum in recent weeks, following a 28% surge last week. However, this rally was rejected by sellers at $0.00000548, leaving the price at around $0.00000461. The support level now rests on $0.00000446, which is crucial for maintaining the current trend.
The Shibarium upgrades have been delayed, but they still hold a significant impact on the token's performance. The rollout of the Shibarium privacy upgrade built with cryptography firm Zama has slipped, and it's expected to be delivered in August. This news could potentially boost the price, especially since the network data is showing signs of recovery.
The weekly momentum indicators have turned higher for the first time since March 2024, giving a positive signal about the future performance of SHIB. However, the daily chart still shows resistance at $0.00000548, and if this level holds, it could expose new multi-year lows.