Shiba Inu Nears Make-Or-Break Resistance Barrier – What Awaits Traders?
August 26 2023 - 1:00PM
NEWSBTC
The price of Shiba Inu (SHIB) remains entrenched in the red zone,
failing to gain momentum even with the much-anticipated return of
the ecosystem’s layer 2 solutions protocol, Shibarium. Led by
the renowned developer Shytoshi Kusama, the project encountered a
stumbling block when scalability issues prompted the temporary
suspension of the mainnet, dampening investor sentiment and
impacting SHIB’s value. Unfortunately, the botched launch left its
mark on SHIB’s price, contributing to a 4.9% drop over the course
of a week. Despite this setback, there is a glimmer of hope evident
in the coin’s minor recovery over the last 24 hours. SHIB managed
to regain a 1.6% increase in value, trading at approximately
$0.00000819 according to CoinGecko data. Related Reading: Tron
Reverses August Slump As TRX Open Interest Climbs Nevertheless,
this upturn remains overshadowed by the broader bearish sentiment
that has enveloped the crypto market in recent days. SHIB
Resistance Level And Price Analysis The current price level of SHIB
holds paramount significance as it corresponds to a pivotal
resistance point with a historical record of playing dual roles as
both a support and a barrier. Delving into a price analysis reveals
a repeated testing of this level, underscoring its importance. A
decisive breach above or below this threshold could potentially
herald the forthcoming trend direction for SHIB. Should SHIB muster
the strength to overcome this resistance with notable trading
volume, it might act as a catalyst for a fresh bullish surge.
Traders and investors could interpret this breakthrough as a
testament to the coin’s resilience, possibly fueling an increase in
buying pressure. Shiba Inu (SHIB) is currently trading at
$0.00000818. Chart: TradingView.com In such a scenario, the
subsequent resistance levels to monitor would be the recent highs.
Conversely, if SHIB falters in its ascent and encounters rejection,
a further downward slide could ensue. Shibarium’s Trials And
Triumphs In the midst of these price fluctuations, the development
team has shed light on the challenges faced by Shibarium during its
recent launch. Kusama clarified that the issues primarily arose
from an unexpected deluge of transactions and users coinciding with
the protocol’s announcement. He also vehemently denied rumors of
any bridge-related problems, assuring the safety of investor funds.
In the aftermath of the relaunch, Shibarium is demonstrating marked
improvement. Block times have been trimmed to a mere five seconds,
accompanied by a surge in processed transactions, surpassing the
100,000 mark. Related Reading: Shiba Inu Community Burn Sees
Another 350 Million Meme Coins Incinerated Moreover, the project’s
user base is expanding, with wallets approaching 45,000, indicating
a growing interest in the platform’s capabilities. SHIB’s journey
has been one marked by resilience and challenges, with the
reintroduction of Shibarium poised as a turning point. As the coin
grapples with a defining resistance level, market participants
remain keenly observant, awaiting cues to decipher its potential
trajectory. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Getty Images
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