Is SHIB Price Ready for $0.00001?
A breakout from the flag pattern indicates potential growth of 38% for the SHIB price. However, it may face resistance at $0.0000096 or $0.000011. The intraday trading volume of Shiba Inu coin has increased by 45% to $147.5 million.
The recent surge in Bitcoin’s price has brought optimism to the crypto market. SHIB price broke out of its flag pattern resistance on December 2nd, indicating a rejuvenation of bullish momentum. Currently trading at $0.0000108, it is poised to retest the breached trendline.
If stability above this level is maintained, a rally to $0.0000096 could be expected, potentially extending to $0.0000115.
However, falling back into the flag pattern would invalidate the bullish projection.
Massive Surge in Shibarium’s Daily Transaction
Shibarium, a Layer 2 blockchain solution within the Shiba Inu ecosystem, has experienced a significant increase in daily transactions. This surge began on November 30th and reached 7.41 million transactions by December 2nd, an almost 890% rise. Increased user activity, rising gas prices, and token-burning activity contribute to this growth. Shibarium now has over 1.90 million total blocks, 22.5 million transactions, and 1.28 million wallet addresses.
- Relative Strength Index: The daily RSI slope above 50% indicates positive market sentiment.
- Exponential Moving Average: The SHIB price rising above the 200-day EMA benefits market buyers.
Hot Take: Shiba Inu’s Bullish Continuation Pattern
The recent correction in the Shiba Inu (SHIB) price has not disrupted its overall upward trend. A breakout from the flag pattern suggests potential growth for SHIB, with resistance at $0.0000096 or $0.000011. The surge in Shibarium’s daily transactions highlights increased user activity and token-burning activity within the Shiba Inu ecosystem. Despite minor intraday losses, SHIB is poised to retest breached trendlines and potentially rally to $0.0000096 or even $0.0000115. However, falling back into the flag pattern would negate this bullish projection.
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