Shiba Inu Price Could Skyrocket by 50% With The Introduction of Liquid Staking
The Shiba Inu coin price appears to be on the brink of a breakout, as recent price action indicates a nearly complete bullish reversal trend. Additionally, the launch of the Shiba Inu Liquid Staking platform on Shibarium today may lead to an increase in Shiba Inu volume and burn rate, potentially triggering a price rally.
Shiba Inu Liquid Staking
Liquid staking, a more advanced form of traditional staking, allows users to continue using their crypto assets while staking them. The launch of liquid staking for Bone ShibaSwap (BONE) on Shibarium is expected to boost the total value locked (TVL) and transaction volume on the network, thereby increasing the SHIB burn rate and potentially driving up the Shiba Inu coin price.
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SHIB Renewed Investors Interest
Amid a weakening bearish trend, Shiba Inu has seen renewed investor interest, possibly in anticipation of the launch of the K9 Finance Liquid Staking platform today. Positive market sentiment around Shiba Inu could attract fresh investor interest and propel the coin’s price higher as per IntoTheBlock data.
Although the SHIB price has experienced a slight decrease and is currently trading at $0.00001328, technical analysis suggests a promising outlook for the coin. Currently rangebound between $0.00001462 and $0.00001271, SHIB price is seeking bullish momentum to break free from consolidation. The recent price action has formed a potential double-bottom bullish reversal pattern, and a break above the neckline could drive the price 50% higher to $0.00002.
Price Action and Market Trends
The Shiba Inu coin price prediction indicates that failure to hold above $0.00001271 may signal market weakness and potentially lead to a bearish turn, with the price dropping to seek support around $0.00001. This could undermine the significance of the Liquid Staking platform launch and invalidate the current bullish thesis.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
