Shiba Inu (SHIB) has dropped by 13% over the past week, mainly due to issues with Shibarium, its layer-2 blockchain solution. While the short-term outlook for SHIB is bearish, some analysts are still hopeful about its long-term potential.
Shiba Inu (SHIB), the popular meme cryptocurrency, has seen a notable 13% drop in value over the past week, according to CoinGecko. This decline is largely due to disappointing performance from the Shibarium layer-2 blockchain solution. Analysts think that this bearish trend could continue in the near future.
Shiba Inu (SHIB) Market Analysis: Support Levels and Long-Term Potential
A prominent analyst on X has pointed out that Shiba Inu (SHIB) is currently in a “neutral zone,” trading between $0.0000185 and $0.0000164. They warned that a breach below the key support level of $0.000017 could lead to a further decline to $0.000015. Recent market activity supports this view, as SHIB briefly fell below this crucial support. The analyst noted the presence of a potential bearish triangle on the charts, which complicates the short-to-medium term outlook.
Despite this bearish sentiment, some experts are optimistic about SHIB’s long-term potential. Another analyst, Rekt Capital, has set a bullish forecast, suggesting that if SHIB surpasses the resistance level of $0.000033285, its price could increase significantly. This perspective highlights the possibility of substantial growth if SHIB can overcome key resistance levels.
Adding to Shiba Inu’s troubles, the Shibarium layer-2 blockchain solution has been struggling with performance issues. Recent data shows a significant drop in daily transactions, with only 2,310 recorded on July 23rd, down 83% from figures seen in late June. Additionally, there has been a decrease in active accounts and new contracts on Shibarium, causing concern among investors and stakeholders.
Shiba Inu (SHIB) Faces Short-Term Challenges Amid Shibarium Upgrades
Shiba Inu (SHIB) is currently facing a challenging period, marked by a notable decline in its price and underwhelming performance from its Shibarium layer-2 blockchain solution. Despite recent upgrades to Shibarium, including enhancements to its user interface for better compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet, these improvements have not yet led to the anticipated positive impact on SHIB’s price in the short term.
In summary, SHIB’s short-term outlook remains bearish due to its significant price drop and the current issues with Shibarium’s performance. However, the long-term prospects could be more promising if critical resistance levels are successfully breached. Investors and market participants should closely monitor performance metrics and expert recommendations before making trading decisions.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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