Shiba Inu (SHIB) has been experiencing a rough patch in the past week, with its price plummeting by approximately 13%. Analysts have suggested that the downtrend may continue in the short term, as the cryptocurrency struggles to maintain its valuation. One analyst pointed out that as long as SHIB remains within the $0.0000185-$0.0000164 range, it is considered to be in a “neutral zone.” However, if it breaks below the major support level of $0.000017, it could potentially drop further to $0.000015. This uncertainty has left traders wary of the coin’s future direction. Some have even advised waiting for lower levels to be tested before entering into any long positions.
On a more positive note, some analysts believe that SHIB has the potential to rally in the long term. Despite the current challenges, they see a bullish trend forming, albeit at a slow pace. However, the overall consensus is that SHIB is currently a “difficult coin” to trade, given its unpredictable price movements. It is recommended to observe the market closely for any significant developments before making any trading decisions.
Optimistic Price Targets for SHIB
Despite the recent setbacks, there are still optimistic price targets set for SHIB by some analysts. In April, a prominent user suggested that SHIB’s valuation could see a significant surge, possibly reaching triple digits, if it manages to surpass the resistance level of $0.000033285. This level has not been reached since March of this year, indicating a potential for substantial growth if the conditions are right. However, the current market sentiment remains cautious, with investors and traders closely monitoring SHIB’s price movements for any signs of a breakout.
The Impact of Shibarium on SHIB’s Price
One of the factors that could potentially affect SHIB’s price in the coming days is the performance of Shibarium, a layer-2 blockchain solution. Shibarium has been underperforming recently, with a significant decline in daily transactions and active accounts. The protocol processed only 2,310 transactions on July 23, marking an 83% decrease from the previous month. Additionally, the number of new contracts and verified contracts has also seen a downward trend, raising concerns about the overall health of the network.
Shibarium was launched less than a year ago with the aim of improving the scalability and performance of the Shiba Inu ecosystem. However, the recent decline in activity has raised doubts about its efficacy in achieving its intended goals. Some industry participants believe that Shibarium’s development and progress are crucial for boosting SHIB’s price in the long term. With important upgrades and new features being introduced, there is hope that Shibarium could regain its momentum and positively impact SHIB’s performance.
Shiba Inu (SHIB) faces a challenging road ahead as it navigates through market uncertainties and the performance of Shibarium. While the short-term outlook remains uncertain, there are still optimistic predictions for SHIB’s future growth potential. It will be crucial to monitor key developments in both the cryptocurrency market and the Shibarium ecosystem to get a better understanding of SHIB’s trajectory in the coming weeks and months.
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