In the dynamic world of cryptocurrencies, Shiba Inu (SHIB), the second-largest memecoin, is at a critical juncture. Currently, the coin is trading at $0.000009959, boasting an impressive market cap of $5.89 billion.
Cryptocurrency analyst Ali Martinez has highlighted a notable pattern in SHIB’s trading. Since September 2022, SHIB has been moving within a descending parallel channel. Now, it’s testing a crucial resistance point at the upper boundary, around $0.000011.
A weekly closure above this level could signal a bullish breakout. Such a move might propel SHIB to $0.000014. On the contrary, failing to breach this threshold could see a fallback to $0.000008.
Moreover, sustaining above $0.000010 is pivotal for SHIB’s trajectory. A significant breakout is pegged at over $0.00001026. This could set the stage for further resistance at $0.0000125 and $0.000015. However, if SHIB dips below $0.000010, a decline to $0.000008360 might be on the horizon. Investors and traders are keenly watching these levels to gauge SHIB’s short-term direction.
Source: CoinGecko
Additionally, there’s a buzz around Shibarium, SHIB’s Layer-2 blockchain. Shibarium has hit a milestone of 100 million transactions, with daily counts soaring to 7.36 million. The total transactions on Shibarium now stand at an astounding 103.31 million. Shytoshi Kusama, the lead developer, recently tweeted, fueling speculation with emojis and a hashtag. The SHIB community is abuzz, anticipating further developments.
Significantly, this excitement also includes investor aspirations for a SHIB rally to $1. While this seems ambitious, the fervor around the coin and its underlying technology cannot be ignored. Consequently, the coming weeks could be crucial for SHIB.
Its ability to break through resistance levels and the unfolding story of Shibarium will be key factors to watch. Hence, SHIB remains a cryptocurrency to monitor closely, both for its market movements and technological milestones.
