Can Shiba Inu Coin Price Rally To $0.0001 With Shibarium’s Growing Popularity?

The second most prominent meme coin promises huge returns in 2024. with Bitcoin halving due in April. During the previous bull run, Shiba Inu Coin price rewarded holders handsomely turning some into crypto millionaires. Its performance in the last two weeks, rising 8% to $0.0000096 reinforces the bullish trend, starting with highs above $0.00001 and $0.0001, respectively.

Shiba Inu Coin Price: Analyzing Recent Fluctuations

Despite these gains, the coin has faced a 30% decline over the past year. This decline contrasts with the significant gains seen by many major cryptocurrencies. Over the last week, SHIB’s price fluctuated between $0.000008 and $0.000009. This range indicates a lateral movement within narrowing trend lines.

Shiba Inu’s market capitalization now stands at approximately $5.5 billion. This valuation ranks it as the 17th largest cryptocurrency, according to CoinMarketCap. Its 24-hour trading volume has experienced a 21% decrease, reaching $128 million. This increase in market value reflects a growing interest from traders in the coin.

In December 2023, Shiba Inu’s price surpassed the $0.000010 mark, reaching a yearly high. Since then, its price has mostly remained below $0.000008. However, in the last 24 hours, SHIB has rallied, breaking through the $0.0000093 resistance level.

Shiba Inu Price Prediction: Shibarium’s Impact  and Technical Indicators

Shiba Inu’s Shibarium, a layer 2 scaling solution, has processed over 334 million transactions. It has also facilitated the creation of 1.35 million unique wallets. Shibarium’s infrastructure, featuring a rapid 5-second block time, ensures minimal transaction fees. These advancements have sparked optimism in the SHIB market. Investors are now more confident about the coin’s prospects. Shibarium’s ability to improve transaction efficiency and reduce costs has been a major factor in this optimism.

The current bullish trend in the Shiba Inu market could soon see the cryptocurrency test the $0.000009 resistance level again. If this positive trend continues, SHIB could reach the $0.00001 mark. This would indicate a significant recovery and strength. A continued bullish trend could even push SHIB to the $0.0001 level. However, failing to overcome this critical resistance could lead to a decline. In such a scenario, the $0.000008 level would become a key support zone for SHIB.

The daily technical indicators suggest a bullish trend for SHIB in the near future. Most moving averages and oscillators are signaling a buy. This indicates a bullish market. The Relative Strength Index is neutral at 53. However, expected bullish momentum could soon push it into overbought territory. The Average Directional Index also indicates a positive outlook at 21. This suggests a bullish outcome for SHIB.

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