Shibarium has recently experienced a surge in activity, with notable increases in both processed blocks and daily transactions.
Analysts have mixed views on SHIB’s price outlook. Some believe the price might rise, while others are warning of a potential decline.
Shibarium Hits Milestone Amidst Broader Crypto Surge
Shiba Inu’s layer-2 blockchain solution, Shibarium, has achieved a significant milestone less than a year after its launch, processing over 6 million blocks. Recently, the network has seen a notable resurgence, with key metrics showing positive trends. Active accounts jumped from 253 on July 27 to 417 the next day, and new daily transactions soared by 188%, surpassing 5,300 on July 28. However, this figure remains below the millions of transactions observed at the start of the year.
Earlier this year, Shibarium saw over 400 million total transactions, and wallet addresses are nearing the 2 million mark. The protocol aims to enhance the Shiba Inu ecosystem by improving scalability, reducing transaction costs, and speeding up processes. Some industry experts believe that further progress in Shibarium could contribute to a potential SHIB rally.
Meanwhile, SHIB’s price is performing well today, aligning with a broader uptrend in the cryptocurrency market. Bitcoin (BTC) recently reached a six-week high of nearly $70,000, and Solana (SOL) exceeded $190 for the first time since early April. For more updates on the Shiba Inu ecosystem, keep an eye on our Shibarium news.
Shiba Inu Price Predictions: Bullish Divergence vs. Bearish Concerns
Analysts are actively discussing Shiba Inu’s potential price movements, with some forecasting significant gains. X user JAVON MARKS highlighted a “macro Hidden Bullish Divergence” in the meme coin’s RSI, suggesting a possible “full recovery” and a rally that could drive the price up to $0.0000456, representing a 164% increase from its current value.
The Relative Strength Index (RSI) tracks price movement speed and change, identifying overbought or oversold conditions. An RSI above 70 typically indicates overbought conditions, suggesting a potential price correction. Currently, the RSI for SHIB is below 70, having dipped below 30 on July 25 and now at 57. JAVON MARKS even speculated that SHIB might rise further by another 75%, potentially reaching $0.0000456, a price last seen in December 2021.
Conversely, a more cautious view is also circulating. Another X user warned that SHIB’s price could drop to $0.000015 if it fails to maintain the key resistance level of $0.000017. The price had been trading below this resistance level for a significant portion of last week.
Important: 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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