Shiba Inu Price Forecast: Will Shibarium Success Skyrocket SHIB?
1 Shiba Inu crypto has slipped below the 20, 50, 100, and 200-day daily moving averages.
2 SHIB’s price is struggling to sustain near $0.00000810.
3 Shibarium relaunch creates buzz among the investors.
Shibarium has crossed 100,000 wallets on its platform within the time frame of 24 hours. Shibarium is a new L2 blockchain for SHIB that was relaunched on 28 August after the previous launch was filled with technical issues. Shibarium uses SHIB for gas fees. Moreover, the project focused on obtaining gaming and metaverse apps on the platform. However, SHIB holders withdrew 1.8 trillion SHIB tokens this week, the value of which is approximately $14.5 million.
The number of wallet addresses increased from 65000 to 100,100 within a time period of 24 hours, with an average block time of 5.0 seconds and the number of total transactions was around 420,000.
The analyst highlights that Shibarium could have a great impact on the SHIB price if there is a decline in the fear, uncertainty, and doubt (FUD) along with an increase in demand in the market.
Shiba Inu’s Performance In The Market
Shiba Inu crypto is trading below the key exponential moving averages. SHIB is facing resistance from the 50 EMA at present on the daily timeframe. The price is facing substantial selling pressure in the supply zone, which indicates that bears may push its value down further in the near future.
Shiba Inu price prediction indicates that the coin may see further depreciation in its value within the next few months. Presently, the price is down by -4.81% over the past month and according to the price action, it is facing bearish pressure.