Shiba Inu Rallies Alongside Bitcoin
The second-leading meme coin, Shiba Inu, experienced a surge in price as it rallied alongside other cryptocurrencies, particularly Bitcoin. This is the first time since May 2022 that Shiba Inu has seen such a significant increase. While the price of Shiba Inu exploded towards the psychological resistance at $0.00001, it ultimately stalled at $0.0000096.
Despite a correction that brought the price down to $0.00000894, Shiba Inu still holds a 5.7% gain over the past 24 hours and a cumulative growth of 14.2% in the last 30 days, according to data from CoinGecko.
Shiba Inu Price Prediction: SHIB Reacts To Double-Top Formation
A double-top pattern has formed in the four-hour time frame for Shiba Inu, leading to a change in the short-term outlook for the cryptocurrency. This pattern indicates that sellers currently have the upper hand, potentially causing further declines if bulls fail to hold onto higher support levels, particularly around the 20 Exponential Moving Average (EMA).
The Relative Strength Index (RSI) shows a negative outlook as it has retreated from overbought levels into the neutral zone. A trend reversal may occur soon, but only if the RSI successfully retests the ascending trendline.
Traders should be prepared for potential dips below the 20 EMA support at $0.0000089. In such cases, the 50 EMA coinciding with the descending trendline and the 200 EMA at $0.0000083 can serve as additional support levels.
Price corrections are common in bull markets and can provide opportunities for investors to enter or increase their positions in SHIB.
Shibarium Sees Increasing Transaction Volume
Shibarium, the Ethereum layer 2 scaling solutions protocol for Shiba Inu, has been gaining traction recently. The average number of daily transactions on Shibarium has reached 7.84 million, showcasing its growing popularity.
Shibarium offers near-instant transactions with lower fees and high scalability within the Shiba Inu ecosystem. The protocol’s blockchain explorer reveals that over 1.9 million blocks have been processed with an average block time of five seconds. Additionally, there have been more than 30 million transactions from approximately 1.3 million wallet addresses on Shibarium.
Hot Take: Shiba Inu’s Price Surge and Growing Ecosystem
The recent price surge of Shiba Inu alongside Bitcoin highlights the continued interest in meme coins and alternative cryptocurrencies. Despite a correction, Shiba Inu has maintained its gains and remains an attractive investment option for traders. Additionally, the growth of Shibarium demonstrates the increasing adoption of layer 2 scaling solutions and the demand for faster and cheaper transactions within the Shiba Inu community. As the cryptocurrency market continues to evolve, it will be interesting to see how Shiba Inu and its ecosystem further develop.
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