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SHIB Price Wobbles In Search For Support
- SHIB price is down 3.2% in 24 hours, trading at $0.00000796
- Investors faced losses due to scalability issues after the Shibarium upgrade
- The immediate buyer congestion zone weakened, and support at $0.00001 was lost
- SHIB price needs to flip $0.000008 into support for fresh momentum and gains above $0.00001
Traders Eye Support Levels for Long Positions
- Investors may book new long positions as long as the lower ascending trendline holds
- If declines break the trendline, short positions may increase with targets at $0.000007 and $0.0000064
- The Moving Average Convergence is bearish, but a buy signal is expected
- Momentum indicator and buy signal must confirm the validity of the uptrend
Shibarium Hits New Milestone with Over 600k Wallets Created
- Shibariumβs layer two (L2) solutions protocol has surpassed 600k created wallets
- The protocol has processed over 705k transactions with 5 seconds average block time
- Shibarium is expected to be a game changer and contribute to the token burn program
- Shiba Inu community focuses on reducing circulating supply for potential rally in the next bull market
Hot Take: SHIB Price Faces Challenges, but Shibarium Holds Promise
Although SHIB price is currently facing challenges and losses, the Shibarium upgrade and its milestones show promise for the future. With over 600k wallets created and increasing interest, the community may start seeing the benefits of holding SHIB long-term. Traders should watch for key support levels and confirm uptrend validity before making investment decisions.