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SHIB Price Sweeps The Floor While Shibarium Explodes, How To Stay Profitable

SHIB price struggles to reclaim support at $0.000008 while investors hold their breath for a buy signal likely to mark run-up above $0.00001.
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SHIB Price Sweeps The Floor While Shibarium Explodes, How To Stay Profitable

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.

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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.

SHIB/IUSD daily chart | Tradingview

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.

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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.

Shibarium blockchain explorer

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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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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