Shiba Inu (SHIB) Price Faces Rejection at $0.000010995, What’s Next?

The world’s second-largest memecoin Shiba Inu (SHIB) is once again facing rejection at crucial resistance levels at $0.000010995. At press time, the SHIB price is trading 1.18% up at a price of $0.000009959 with a market cap of $5.89 billion.

What Happens to Shiba Inu Next?

Cryptocurrency analyst Ali Martinez has observed that Shiba Inu (SHIB) has been trading within a descending parallel channel since September 2022. At present, $SHIB is challenging a critical resistance level situated at the upper boundary of this pattern, approximately at $0.000011.

A conclusive weekly closure above this threshold could indicate a bullish breakout, potentially driving $SHIB towards $0.000014. Conversely, a rejection at this level might lead to a retracement to $0.000008 before the anticipated bullish breakout.

Sustaining prices above the critical threshold of $0.000010 is crucial for SHIB. The breakout above $0.00001026 is considered pivotal for maintaining the upward trend, with anticipated resistance levels at $0.0000125 and $0.000015.

On the flip side, if the price of Shiba Inu’s coin falls below $0.000010, there is a possibility of a decline, potentially reaching $0.000008360. Traders and investors are attentively observing these critical levels to assess the short-term trajectory of the cryptocurrency. On the other hand, investors are also calling for a SHIB price rally to $1.

Shibarium Hits Major Milestone

Shibarium, the Layer-2 blockchain of Shiba Inu, has astonished the crypto community by surpassing the remarkable milestone of 100 million transactions. This achievement was realized with a substantial surge in daily transaction counts, reaching an impressive 7.36 million.

The cumulative transaction count on Shibarium has now skyrocketed to an extraordinary 103.31 million, showcasing the platform’s robust and active performance. Shytoshi Kusama, the lead developer of Shiba Inu, recently took to the widely-used social media platform X (Twitter) to share a post that appears to praise Shibarium.

In this concise tweet, Kusama utilized emojis and a Shibarium hashtag without accompanying text. Despite its brevity, the meme cryptocurrency community responded with great enthusiasm. Vet Kusama, a member of the SHIB team, even commented on the tweet, speculating that Shytoshi might be alluding to another significant development for Shibarium in the near future. This mysterious message has also stirred anticipation and excitement within the Shiba Inu community regarding potential updates or advancements associated with Shibarium.

Something new is cooking #shibarium #shibarmy https://t.co/apJ3HSYJ3j

— Vet KUSAMA (@vetkusama) December 13, 2023

The post Shiba Inu (SHIB) Price Faces Rejection at $0.000010995, What’s Next? appeared first on CoinGape.

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