Shiba Inu Price Struggles Amid Bearish Market
The price of Shiba Inu (SHIB) has been experiencing a downward trend, along with most of the crypto market. Currently trading at $0.00000725, down 1.1% on Wednesday, SHIB’s trading volume has also decreased to $57 million. Despite its market cap of $4.2 billion, Shiba Inu ranks 16th among other cryptocurrencies.
Can Shiba Inu Price Reverse the Downtrend?
To prevent further declines, bulls must defend an important ascending trendline above $0.000007. If SHIB slides below this trendline support, it could result in a sell-off to the next strong support at $0.0000064. However, a buy signal from the Moving Average Convergence Divergence (MACD) indicator suggests that traders may consider increasing their exposure to long positions.
The Relative Strength Index (RSI) is also holding above 40, which is a positive sign for Shiba Inu’s price stability.
Overcoming Resistance Levels
If support at $0.000007 and the ascending trendline hold, sentiment will improve for a potential SHIB price recovery beyond $0.00001. The first obstacle to overcome is the immediate seller congestion at $0.0000074.
As confidence in the uptrend grows, Shiba Inu could face stronger hurdles at $0.000008, slightly below the 100-day Exponential Moving Average (EMA), and $0.000009, which is marginally above the 200-day EMA. The ultimate resistance lies at $0.00001.
Shibarium Protocol Sees Significant Activity
Shiba Inu’s Ethereum Layer 2 protocol, Shibarium, has seen impressive growth since its launch. The network has registered over 1.2 million wallets and currently has 3.1 million transactions with an average gas fee of 2.77 Gwei.
Shibarium is expected to play a crucial role in the Shiba Inu ecosystem, supporting decentralized exchanges (DEXs), the metaverse, decentralized finance (DeFi), and blockchain games like Shiba Eternity. By utilizing the Layer 2 protocol, Shiba Inu aims to achieve faster transaction speeds, lower fees, and strengthen its position in the crypto market and DeFi ecosystem.
Hot Take: Shiba Inu Struggles Amid Bearish Market, But Shibarium Protocol Shows Promise
Despite the bearish market conditions affecting Shiba Inu’s price, there is potential for a reversal if key support levels are maintained. Additionally, the success of the Shibarium protocol demonstrates growing interest and activity within the Shiba Inu ecosystem. As Shiba Inu continues to develop its infrastructure and expand its use cases, it may gain further traction in the crypto market.
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