Shiba Inu price has recovered from a massive sell-off earlier in the week.The revival comes as SHIB takes advantage of the broader rally in the crypto industry, with Bitcoin ( BTC ) steadily peeling off its losses by rising 5.33% in the last 24 hours.Arguably the meme coin has the most desirable sentiment among its peers based on ecosystem-related fundamentals.The positive sentiment for Shiba Inu price comes as investors wait for the emergence of the Shibarium blockchain and its deflationary propensities.
As was the case for Arbitrum ( ARB ), there is a general appreciation that new protocols, especially Layer 2 networks on Ethereum, often draw more investors due to their wealth-creating abilities.Similarly, the expectation has piled for SHIB and could influence its uptick.There are already encouraging signs as more testers have already enrolled in Shibarium’s beta network.The amazing numbers of— (@LucieSHIB) [#Shibarium]attract more and more testers.
Can we beat CB L2? Let’s go Who will list next [$BONE]⌛️ [pic.twitter.com/PH2FBdHW6U] [March 28, 2023] The Shibarium launch will greatly enhance the network’s efficiency, reduce transaction fees and increase throughput.Moreover, the burn rate will increase, destroying 70% of the base transaction fee , which is very bullish for SHIB.
— Mazrael (@_Mazrael_) [#Shibarium] [#ShibArmy] [#Shib] [#Shib] [#Leash] [#bone] Do I read 70% burns on base fee o.O O.o Go [$Shib]Go! [pic.twitter.com/VM4TZrdk8H] [March 24, 2023] Shiba Inu price growth path Shiba Inu price is up over 3% in the last 24 hours and is exchanging hands for $0.00001068 at the time of writing.If investor interest in the meme token continues, SHIB could ascend to confront the immediate obstacle at $0.00001110.
An increase in buying pressure above this level could take Shiba Inu price to test the Exponential Moving Averages (EMA), starting with the 100-day EMA at $0.00001112 before a confrontation with the 50- and 200-day EMAs at $0.00001118 and $0.00001147, respectively.Beyond these supplier congestion zones, Shiba Inu price could tag $0.00001200, denoting a 12.8% increase from the current level.In highly bullish cases, the meme coin could reach higher towards the $0.00001350 resistance level or restore the February highs around $0.00001429.A silver lining for Shiba Inu price is that the Relative Strength Index (RSI) indicator shows promise, with a price strength of 46, close to the mean line.
SHIB/USDT 1-day chart Conversely, if buying momentum drops, bears could recover the market, causing Shiba Inu price to drop below the immediate support at $0.00001010.A daily candlestick close below this level will render the bullish thesis invalid.In the dire case, SHIB could descend to the psychological $0.900, or worse, the December lows around $0.805, constituting a 25% drop from current levels.
Santiment data to add credence to the bearish case The bearish case for Shiba Inu price draws support from Santiment data , which shows SHIB whales are trading less.As shown in the chart, whale transactions have dropped since the recent local top around February 4, where transactions exceeding $100,000 have dropped from 285 to 109.This points to reduced interest as investors speculate weak price prospects.
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