Shiba Inu (SHIB) Price Breakout: Can it Overcome Recent Challenges?
Shiba Inu (SHIB) price has experienced a significant decline of 23% over the past week, largely due to concerns surrounding the Shibarium L2 network launch. The launch has been plagued with technical issues and potential exploitation risks, causing SHIB holders to reduce their transactional activity. However, there are signs that a price breakout may be on the horizon.
Key Points:
1. SHIB Transaction Count has dropped by 66% over the past week, indicating reduced network activity and utilization of the native token.
2. The decline in network activity has led to a double-digit price decline for SHIB.
3. Despite the challenges, strategic crypto traders have been piling up purchase orders, indicating bullish sentiment and a potential reversal.
4. The buy orders for SHIB outweigh the sell orders by a significant margin, suggesting strong market demand.
5. Based on the data, it is predicted that Shiba Inu will consolidate around $0.000008 before another price breakout.
In conclusion, while SHIB has faced obstacles in recent days, there are indications of a potential price breakout. The actions of strategic traders and the strong market demand for SHIB suggest that a bullish reversal could be on the horizon. However, the resolution of the Shibarium L2 issues will play a crucial role in determining the future momentum of SHIB.
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