Shiba Inu has been making waves on Twitter and Discord for several weeks. Its price is up almost 60% since the beginning of 2023, overtaking larger competing tokens like Ethereum (up 37%) and Bitcoin (up 41%). The launch of Shibarium, an upcoming blockchain network set to be integrated with the Shiba Inu coin, could act as a boost. It will be built as a “Layer 2” blockchain built on top of the Ethereum blockchain, providing the basic structure for Shiba Inu and its functionality. The asset’s price is down by almost 3% while global volume has also fallen by 4% in the last 24 hours.
At the time of writing, SHIB was trading at $0.6980.
SHIB after making the low of 0.00000778 witnessed a massive rally and the price surged almost by 102% and made the high of $0.00001575 within two months from the low. However, the asset faced stiff resistance around the recent high and failed to sustain and close above the key level of $0.000015 (Horizontal Trendline). Post this move, Shib saw some profit booking and plunged almost by 25% from the high. Currently, the asset is taking good support at $ 0.00001170 (Upsloping Trendline and 200 Day Moving Average). If it holds and sustains above the support then we can expect the bulls to resume the up-move whereas a break below the support will lead to further downfall.
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