The Shiba INU (SHIB) price has surged by more than 100% since the beginning of 2023, while it has also experienced a drop of more than 16% at the moment. The price is currently trading within a decisive phase and appears to have approached the apex of the consolidation which may further ignite a fine upswing shortly. 

Besides, the excitement over the release of the Shibarium is mounting; it is expected to be released somewhere in the coming week. The increased sentiment has strengthened the SHIB price rally, which has risen above the popular memecoin Dogecoin.

The DOGE price has currently slipped by 2.95% from the average levels while the Shiba INU price continues to hover above 13%. 

Source: Coincodex

The SHIB price is going parabolic at present but has yet to reach the neckline of the consolidation. Therefore, it may continue with the ascending consolidation and may reach $0.000017 by the end of the month.

Here, the bulls are expected to maintain some strength and prevent the bears from dominating the rally. In such circumstances, the price may rise above the resistance or else may remain consolidated along the same levels and eventually test the lower support. 

Shibarium is believed to flip the sentiments of the market participants as the ShibArmy is extremely bullish on SHIB posts to the launch.

However, the network upgrades and forks have not fueled the bullish sentiments of the popular tokens in the past. Therefore, a minor possibility of buying the rumor and selling the news is also expected with the Shiba INU (SHIB) price. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.