Since its public relaunch on August 16, Shibarium, the Layer-2 blockchain for Shiba Inu, has become popular in the cryptocurrency space. According to statistics from ShibariumScan, it has experienced a meteoric rise in user activity, surpassing 1.5 million transactions. This figure is more than just a number; it serves as a testament to the growing adoption and utility of the Shiba Inu ecosystem.
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Potential Catalyst for a SHIB Price Rally
The reintroduction of Shibarium was highly anticipated to serve as a catalyst for a $SHIB price rally. Although making price predictions in the cryptocurrency world is challenging, the enhanced utility that Shibarium brings offers compelling reasons for a bullish outlook on $SHIB.
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Show more +One of the key factors fueling this optimism is the significantly improved utility that Shibarium adds to the Shiba Inu token. By utilizing Layer-2 technology, Shibarium has been able to dramatically accelerate transaction speeds while substantially reducing network fees.
It’s worth mentioning that the launch of Shibarium has also amplified interest and excitement surrounding the Shiba Inu ecosystem. In the crypto world, momentum often plays a crucial role in price movements. This is particularly true for meme coins like $SHIB, which thrive on social media engagement and investor sentiment.
Shiba Inu Experiences a Notable Downturn
Contrary to expectations, Shiba Inu has undergone a noticeable downtrend, falling below its critical support level of $0.0000088. Market bears have successfully pushed the token’s price even further, breaking another key support level at $0.0000080.
However, the token has found a support zone around $0.0000074 and is currently attempting a recovery. It is consolidating near the 23.6% Fibonacci retracement level from its recent lows. Despite this, it remains below the 100 simple moving average on a 4-hour chart, indicating a bearish trend. Investors should keep an eye on key resistance levels at $0.0000077 and $0.0000080; a close above the latter could pave the way for a rally. As always, investors are advised to exercise caution and conduct their own research.
After its recent decline, Shiba Inu has managed to find some semblance of stability, establishing a support zone near $0.0000074. A definitive low point was reached at approximately $0.00000739, signaling a potential turning point for the struggling token.
What’s Next for Shiba Inu?
The token’s current consolidation near this Fibonacci level may suggest an upcoming reversal or, at the very least, short-term stabilization. Traders and investors should closely monitor these technical indicators, as they could provide valuable insights into the token’s future price trajectory.
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