TL;DR
- Shiba Inu (SHIB) experienced a recent price drop, but analysts predict a potential bullish trend due to critical resistance levels being tested.
Optimism for a rally is supported by significant outflows from exchanges and advancements in its L2 scaling solution.
The price of Shiba Inu (SHIB) started off with a small increase at the beginning of this week, but it has since dropped back into a downtrend. At present, the coin is being traded around $0.00002734, representing a 3% decrease for the day and a significant 20% loss over the past month.
Many experts predict that a bull market will soon take over and reverse the current downtrend. For instance, well-known analyst Rekt Capital from the X community points out that SHIB‘s present price is now at par with its earlier 2022 level.
In the past, that asset didn’t continue to grow in value due to hitting a roadblock. However, things could be altered now. Rekt Capital anticipates a significant price surge of over 100 units if the token manages to surpass the crucial resistance point.
Jake Gagain, who is known for generating content about cryptocurrencies and investing in them, holds a positive view towards SHIB as well. He believes that dismissing the second largest meme coin by market capitalization as a “mistake” is not a wise decision.
One significant indicator that the Shiba Inu (SHIB) valuation could be about to rise is its exchange outflow, as shown by CryptoQuant. Over the past week, a large amount of SHIB has been withdrawn from exchanges. This trend toward self-custody rather than relying on centralized platforms may be seen as bullish because it decreases the immediate pressure to sell.
Additional elements that could positively impact SHIB’s price include its burning rate and the development of the layer-2 scaling solution Shibarium.
According to CryptoPotato’s report, there was a notable increase in the network’s daily transactions, and the total number of blocks surpassed 4 million.
If you’re intrigued to discover more about the objectives and details of Shibarium, please watch the video we’ve prepared for you below.
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2024-04-10 14:42