Shiba Inu price breaks fall amid ShibaFest hype

• Shiba Inu price has found support at $0.00000784 and is sliding horizontally to hold above this level.
• Meanwhile, the ShibFest hit the ground rolling with the ShibArmy, excitingly marking the occasion.
• Although SHIB remains in the woods, invalidation of the current optimism will only occur if the price slips below $0.00000718.

Shiba Inu (SHIB) price has been on a downtrend since late August, recording lower lows as the bears took the driver’s seat. However, with the advent of the ShibaFest, tables could soon turn in favor of the bulls as the meme coin navigates the current inflection point.

ShibaFest bodes well for Shiba Inu price

Shiba Inu (SHIB) price has steadily declined since August 30, falling almost 7% to the current price. However, with resounding hype from the successful ShibaFest(festival for Shiba Inu fans) that happened between September 1 and 2, the dog-themed memecoin has found support at $0.00000784, and a correction may be underway of bullish momentum increases.

Hello #ShibArmy 👋 pretty cool day yesterday at the #Shibafest with @LADSAndrew. This is Tom Wall of the band @cosmic_knot. He explained how the Sequoia trees liked to play along, but were a bit moody at times. Here is a clip where Tom is playing his guitar and the Sequoia joins… pic.twitter.com/KLHLphVwHo

— SHIBLORD (@Eat62T) September 2, 2023

Shiba Inu price forecast

Shiba Inu price is at an inflection point after finding support. The momentum indicators are promising, though pending confirmation, and SHIB could soon ascend to confront the first resistance layer presented by the 50-day Exponential Moving Average (EMA) at $0.00000840 or higher, tagging the 100- or 200-day EMA at  $0.00000853 and $0.00000914 levels respectively.

In a highly bullish case, the Shiba Inu price could extend a neck higher to the decimals and hit the $0.00001067 resistance level, equal highs that make this hurdle significant.

The Relative Strength Index (RSI) is flattening and attempting a curvature. Increased buying pressure could see this momentum indicator move north to signify more bulls coming in and, therefore, rising momentum. Confirmation for an uptrend would occur once the RSI breaches the 50 level to the upside.

SHIB/USDT 1-day chart

ShibaFest is a festival for the Shiba Inu fans. The celebration has reawakened dull SHIB addresses, with Santiment data showing a positive change in the volume of SHIB, active addresses, and social volume,  over the last 24 hours, as shown in the chart below.

SHIB Santiment

Over the last 24 hours, the aforementioned metrics have changed direction towards the positive side. 

On the flip side, with the strong bearish presence in the market currently, as indicated by the negative Awesome Oscillator, Shiba Inu price could still move north, breaking below the $0.00000718 support level.

Such a move could see Shiba Inu price dip the demand zone at around $0.00000691, an area often populated by bulls. Aggressive buying from this level could see SHIB pull back, but if it fails to hold as a support level, the meme coin could break below it at $0.00000654 to collect sell-side liquidity from the June 10 overflows.