Shiba Inu Coin Price Signals Potential 50% Increase Despite Recent Decline
Shiba Inu (SHIB) price has fallen 33% from its December highs, recently recovering to $0.00002215. The associated Shibarium network’s poor performance has impacted its outlook. Nonetheless, bullish indicators suggest a potential price bounce of up to 50% if current resistance levels are surpassed, influenced by overall market improvements.
The price of Shiba Inu (SHIB), the second largest meme-based cryptocurrency, has experienced a 33% decline from its December peaks. Recently, it rebounded to $0.00002215, marking a 12% increase from its week’s lowest point. However, its performance remains uninspiring compared to other meme coins such as Fartcoin and Dogwifhat due to concerns surrounding its associated layer-2 network, Shibarium, which is currently underperforming.
The Shiba Inu coin is affected by the performance of Shibarium, its layer-2 network, where transaction numbers approach 800 million, but transaction fees continue to diminish. Recently, the network generated only 640 BONE in fees, equivalent to under $300, leading to a decreased burn rate of SHIB tokens. However, as cryptocurrency markets exhibit a positive trend, there are signs that SHIB may recover, especially with external influences like Bitcoin nearing resistance levels and significant upcoming political events.
In summary, Shiba Inu coin exhibits several indicators suggesting a potential price increase of approximately 50% if it breaks above recent resistance levels. The formation of bullish reversal patterns in its price chart, combined with favorable market conditions, may signify a forthcoming rally. Nonetheless, a fall below critical support levels would negate this positive outlook and warrant caution in trading activities.
Original Source: crypto.news
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