SHIB Price Prediction As Shibarium Transactions Cross 3M?

The Shiba Inu price holds above an ascending trendline of critical importance, a trendline that bulls must defend at all costs to avert a decline below $0.000007.

It has been four consecutive bearish candles that have kept the Shiba Inu price bleeding since Monday. A bearish outlook, which appears both in the short-term and the long-term, covers most of the crypto market, except a few altcoins that stand out with extravagant price pumps due to FOMO fears.

A noticeable drop in trading volume to $57 million caused SHIB to trade at $0.00000725 on Wednesday, a decrease of 1.1% from Tuesday’s price of $0.00000725. Regarding its market capitalization, Shiba Inu ranks 16th among all crypto tokens with a market cap of $4.2 billion.

Shiba Inu Price: Can It Exhaust The Downtrend?

It is important to note that Shiba Inu’s price remains above an important ascending trendline, which bulls must defend to prevent the declines from multiplying below $0.000007.

A sell-off ensued when SHIB fell below a similar trendline in the past, resulting in a 16.4% drop from $0.00000842 to $0.00000704 when the price of SHIB plummeted below the trendline. If the market slips below the trendline support, there may be a sell-off to the next sturdy support at $0.0000064 as a result.

A buy signal is generated by the Moving Average Convergence Divergence (MACD) indicator, encouraging traders to consider increasing their exposure to long-term investments. This call to buy SHIB occurred late last week, with the blue MACD line crossing above the signal line in red.

The relative Strength Index (RSI) continues to hold above 40, following a rejection from the midline of the indicator. If Shiba Inu keeps moving higher, this will create a positive divergence from the price trend, maintaining a steady price trend for Shiba Inu.

The sentiment likely will improve regarding the possibility of a SHIB price recovery for gains beyond $0.00001 if support at $0.000007 and the ascending trendline both hold. To achieve such a climb, it is important to first defeat the immediate seller’s congested condition at $0.0000074.

I hope that as confidence improves in the uptrend, momentum will also increase to help Shiba Inu overcome other tough hurdles, such as $0.000008, which is slightly below the 100-day Exponential Moving Average (EMA) in red, $0.000009, which is marginally above the 200-day EMA in purple, and $0.00001.

It’s Exploding with Shibarium Protocol Transactions

In the last few weeks, Shiba Inu developers have launched the Ethereum Layer 2 protocol Shibarium mainnet based on the Ethereum Layer 2 protocol. Even though the network began on a rough patch amid safety and scaling concerns, its second debut has been nothing less than a success.

Based on the Shibarium explorer, it can be seen that there are 1,250,865 wallets registered with the scaling solutions protocol. The number of transactions continues to grow; at the moment, it is at 3.1 million, and the average gas fee on the network is 2.77 Gwei.

As the backbone of the Shiba Inu ecosystem, Shibarium is expected to be at the core of creating decentralized exchanges (DEXs), a metaverse, a decentralized finance system (DeFi), and blockchain games such as Shiba Eternity.

In this layer 2 protocol, which has been built on Ethereum for Shiba Inu, higher transaction speeds are achieved and lower transaction fees, increasing the token’s standing in the crypto market and especially the decentralized finance ecosystem.

Pre-sale for Bitcoin BSC nears completion

Likely, Bitcoin is still struggling with recovering from recent drops, but it is worth mentioning that the BEP-20 version of Bitcoin that emerged recently is doing very well. In recent weeks, Binance Smart Chain has welcomed the launch of the Bitcoin BSC (BTCBSC) presale, which aims to provide users with the ability to buy Bitcoin the way it was in 2011, as it was in 2011.

A year ago, the coin’s price was only $1, and now, it’s available for presale for a price of $0.99 per unit, making it a very good deal.

When the token goes live, it will likely attract a tremendous amount of attention, especially since its developers intend to offer staking services and release rewards every ten minutes, just as Bitcoin mining rewards are rewarded every ten minutes.

The token can be purchased using BNB, USDT, or ETH as the preferred method of exchange for those interested in buying it. Nevertheless, the presale will only be available until the tokens have been sold out, and that will happen when the project raises the $6.06 million it needs to fund the project.

This means that the presale will almost certainly be finished before the end of the week, due to the enormous popularity that BTCBSC has been experiencing in the past few weeks.

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