SHIB price is in the red, like many of its peers that are ending the week in losses following the decision by the US Securities and Exchange Commission (SEC) to delay the approval of spot Bitcoin ETFs on Thursday.
The second most prominent meme coin is trading at $0.00000796, down 3.2% in 24 hours. The sell-off has seen the trading volume rise to $133 million with a dip in the market capitalization to $4.6 billion.
SHIB Price Wobbles In Search For Support
The rain has continued to beat Shiba Inu investors since the pre-Shibarium upgrade rally to $0.000011. Instead of a rally post the much-awaited launch, investors were forced to absorb the losses caused by scalability issues that forced developers to pull the protocol down.
Shiba Inu live price lost support at $0.00001 before taking a breather at $0.00008. Following a week of consolidation, the downside suffered another blow which weakened the immediate buyer congestion zone.
Now, SHIB price is expected to flip $0.000008 into support again to allow for fresh momentum to build for gains above $0.00001 to follow.
Investors are likely to start booking new long positions in SHIB as long as they are convinced that another sell-off won’t trim their holdings below the lower ascending trendline. In case declines extend below this crucial level, traders may start increasing exposure to short positions, targeting support at $0.000007 and $0.0000064.
Although the Moving Average Convergence exhibits a bearish outlook, a buy signal is in the offing. Therefore, it might be prudent to hold still until SHIB resolves the stalemate before committing to either buying or selling it.
The path with the least resistance will flip toward $0.00001 if the MACD line in blue crosses above the signal line in red.
Traders must ensure the momentum indicator is moving in an upward direction on top of the buy signal to ascertain the validity of the uptrend. Key milestones in the run-up to $0.00001 are the support/resistance at $0.000008, the upper dotted trendline, and the 200-day Exponential Moving Average (EMA) (purple) at $0.000092.
Shibarium Hits New Milestone With Over 600k Wallets Created
Shiba Inu’s layer two (L2) solutions protocol, Shibarium has continued to hit key milestones since its second debut earlier this week. Based on the Shibarium explorer, wallets already created have surpassed 600k and are likely to hit 1 million in a few days.
So far, the Shibarium protocol has processed more than 705k transactions with 5 seconds of average block time and boasts over 401k in total blocks.
Although Shibarium’s launch started amid challenges, developers worked hard to bring it back online. The protocol, backed by tokens in the ecosystem is expected to be a game changer and even contribute to the token burn program.
The Shiba Inu community is among the crypto projects focused on reducing the massive circulating supply to improve the tokens’ supply and demand dynamics for a potential rally during the next bull market.
With the kind of adoption and interest Shibarium is getting, it is a matter of time before the community starts to see the benefits of holding SHIB long-term.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
