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Shiba Inu Price Prediction: SHIB On The Cusp of 6% Nosedive As Shibarium Txs Hit 15k

source-logo  coingape.com 21 November 2023 17:06, UTC

Altcoins are suffering across the board on Tuesday, with Shiba Inu price not spared from the ongoing gains trimming in the market. After a 4.1% dip according to to market data from CoinGecko, SHIB is trading at $0.00000821.

Although the meme coin’s volume shot up by 15% to $141 million, a bigger chunk of it has been bearish with SHIB’s market cap falling by 4.5%.

Shiba Inu Price Prediction: The End of The Road For The Bulls?

When Shiba Inu price started the campaign for a bullish outlook in October, investors hoped for highs above $0.00001. The initial breakout was remarkably strong, with SHIB climbing above all three applied MAs—the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple).

A subsequent move above the key resistance/support at $0.000008 fuelled the uptrend further and propelled SHIB toward $0.0001. The expected breakout above this psychological resistance never materialised with Shiba Inu bulls bowing to selling pressure at $0.0000096.

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Since November 11, Shiba Inu price has continued to plummet such that support at $0.000008 is at the risk of crumbling. On the upside, SHIB faces resistance at the 200-day EMA. Reclaiming support above this MA is crucial for the resumption of the uptrend.

Shiba Inu price prediction chart | Tradingview

The Moving Average Convergence Divergence (MACD) confirms the bearish outlook following a sell signal. Such a call to traders to short Shiba Inu occurred when the blue MACD line crossed below the red signal line.

As the MACD drops toward the neutral area, the path with the least resistance could stick downwards.

There’s the possibility of a rebound happening at the confluence support formed by the 50-day EMA and the 100-day EMA around $0.000008. However, if this support is lost, Shiba Inu price might plunge to sweep liquidity around $0.00000773, a level of interest to the bulls, highlighted by the 23.6% Fibonacci retracement level.

A sweep through fresh liquidity created by investors buying the dip could restart the uptrend. Some of the key levels traders may want to keep an eye on as SHIB recovers include the 200-day EMA resistance around $0.00000837, the multi-month descending trendline coinciding with the 50% Fibonacci retracement, and the pivotal resistance at $0.00001.

Layer-2 Solutions Protocol Shibarium Transactions Rise To 15k

Shiba Inu’s Ethereum layer-2 scaling protocol is experiencing unprecedented growth in the number of transactions processed. According to the Shibarium blockchain explorer, daily Txs currently average around 15,000 with slightly over 4 million Txs recorded since the launch in August.

Shibarium blockchain explorer

So far, a total of 1.7 million blocks have been completed from approximately 1.3 million wallet addresses.

As far as development on the new protocol is concerned, Shiba Inu developers recently released a new “Donate” feature which gives users a direct opportunity to support non-profit validators who participate in securing the network.”

“Our users can now support the sustenance and growth of these validators, bolstering the overall integrity and resilience of the Shibarium network,” the announcement stated.

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