Shiba Inu Nears Make-Or-Break Resistance Barrier – What Awaits Traders?

Christian Encila

1 year ago

3 mins read

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The price of Shiba Inu (SHIB) remains entrenched in the red zone, failing to gain momentum even with the much-anticipated return of the ecosystem’s layer 2 solutions protocol, Shibarium.

Led by the renowned developer Shytoshi Kusama, the project encountered a stumbling block when scalability issues prompted the temporary suspension of the mainnet, dampening investor sentiment and impacting SHIB’s value. Unfortunately, the botched launch left its mark on SHIB’s price, contributing to a 4.9% drop over the course of a week.

Despite this setback, there is a glimmer of hope evident in the coin’s minor recovery over the last 24 hours. SHIB managed to regain a 1.6% increase in value, trading at approximately $0.00000819 according to CoinGecko data.

Nevertheless, this upturn remains overshadowed by the broader bearish sentiment that has enveloped the crypto market in recent days.

SHIB Resistance Level And Price Analysis

The current price level of SHIB holds paramount significance as it corresponds to a pivotal resistance point with a historical record of playing dual roles as both a support and a barrier.

Delving into a price analysis reveals a repeated testing of this level, underscoring its importance. A decisive breach above or below this threshold could potentially herald the forthcoming trend direction for SHIB.

Should SHIB muster the strength to overcome this resistance with notable trading volume, it might act as a catalyst for a fresh bullish surge. Traders and investors could interpret this breakthrough as a testament to the coin’s resilience, possibly fueling an increase in buying pressure.

Shiba Inu (SHIB) is currently trading at $0.00000818. Chart: TradingView.com

In such a scenario, the subsequent resistance levels to monitor would be the recent highs. Conversely, if SHIB falters in its ascent and encounters rejection, a further downward slide could ensue.

Shibarium’s Trials And Triumphs

In the midst of these price fluctuations, the development team has shed light on the challenges faced by Shibarium during its recent launch.

Kusama clarified that the issues primarily arose from an unexpected deluge of transactions and users coinciding with the protocol’s announcement. He also vehemently denied rumors of any bridge-related problems, assuring the safety of investor funds.

In the aftermath of the relaunch, Shibarium is demonstrating marked improvement. Block times have been trimmed to a mere five seconds, accompanied by a surge in processed transactions, surpassing the 100,000 mark.

Moreover, the project’s user base is expanding, with wallets approaching 45,000, indicating a growing interest in the platform’s capabilities.

SHIB’s journey has been one marked by resilience and challenges, with the reintroduction of Shibarium poised as a turning point. As the coin grapples with a defining resistance level, market participants remain keenly observant, awaiting cues to decipher its potential trajectory.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Getty Images

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.