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SHIB price remains rangebound around $0.000011 as bulls and bears battle for control.
Shiba Inu (SHIB), the popular memecoin that gained worldwide attention in 2021, has seen its price consolidate over the past 24 hours despite being the #1 trending cryptocurrency on CoinMarketCap. SHIB is currently trading around $0.00001117, representing a minor 0.22% decrease over the past day.
Despite the lack of clear price momentum, SHIB continues to generate significant buzz and attention throughout the crypto community. This highlights the memecoin’s strong brand awareness and loyal following even during periods of sideways trading.
From a technical perspective, SHIB appears to be trading in a range between resistance at $0.00001117 and support around $0.0000089. Whales and institutional investors are likely to accumulate the token around the key support level and target the upper boundary of the range to take profits. However, SHIB needs to hold above support for an eventual breakout above the 200-day moving average (200MA) located around $0.00009800.
Will the Upcoming Shibarium Launch Lead to a Breakout for SHIB?
The launch of Shibarium, Shiba Inu’s layer-2 scaling solution, is slated for approximately two weeks from now. Shibarium aims to improve transaction speeds and reduce fees on the Shiba Inu network.
The anticipation leading up to the event has already buoyed SHIB’s price, with the token rising over 30% in the last 30 days. However, the actual impact on SHIB’s price at the exact time of launch remains uncertain.
On the positive side, Shibarium could increase utility and demand for SHIB by providing a faster and cheaper platform for trading and using the memecoin. This could attract more users and projects to the ecosystem, creating a virtuous cycle that leads to higher prices.
Many experts point to the launch of Shibarium as a potential catalyst for SHIB to reach ambitious price targets such as $0.001 or even $0.01. Google’s new AI chatbot, Google Bard, also highlighted Shibarium as a key driver for future SHIB price appreciation.
However, it’s important to note that SHIB would need to see substantial adoption of Shibarium, along with favorable market conditions and growing mainstream acceptance, in order to reach these lofty goals. The impact of the Shibarium launch itself remains difficult to predict and will depend on its initial success in capturing user activity and transactions.
In conclusion, while uncertainties remain, the launch of Shibarium appears positive for SHIB’s future outlook. It has the potential to increase utility and demand, but broader user adoption will be key to determining the ultimate price impact. Crypto investors and traders will be closely monitoring the event for signs of a sustained breakout or bull run.
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