Shiba Inu price back in green as anticipation for Shibarium launch grows
The price of Shiba Inu (SHIB) has rebounded and is up 2.5% above $0.00001 as investors prepare for the launch of the network’s layer 2 protocol, Shibarium. If SHIB continues to hold above $0.00001 and breaks past the upper descending trendline, the trend reversal is likely to continue, with targets set at $0.000015 and $0.00002.
Investors eagerly await the launch of Shibarium
Shibarium, which has experienced multiple delays, is highly anticipated by investors. The launch announcement has sparked increased discussions among the community. The new protocol is expected to greatly benefit the SHIB ecosystem, with reports of high transaction volumes on the testnet.
Increasing interest leads to higher transaction volume
The growing interest in Shiba Inu has resulted in a significant increase in transaction volume on the primary chain. On August 5 and 7, the volume reached $160 million, although it has since decreased to around $32 million. This indicates a breakout for Shiba Inu, with targets set at $0.000015 and $0.000016.
The launch of Shibarium could propel SHIB to greater heights
The launch of Shibarium, which will enable off-chain transactions for SHIB and other tokens, has generated significant hype. This transformation could have a similar effect as Ethereum layer 2 blockchains like Polygon (MATIC). Traders should ensure that Shiba Inu price breaks and settles above the upper falling trendline resistance for increased investor confidence.
Support areas and potential sell-off levels to watch
While the current market level for SHIB is at $0.00001, there is a possibility of declines. It is important to consider support areas at the 200-day EMA ($0.0000095) and the 100-day EMA ($0.0000085). Extended losses could lead to a sell-off towards the lows of July and June.
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