Shiba Inu (SHIB) has experienced a significant drop in price over the past week, with experts suggesting that this downward trend may continue in the short term. The decline, which amounts to approximately 13% according to CoinGecko’s data, has raised concerns among investors and analysts alike. One industry observer even went so far as to describe SHIB’s current valuation as being in a “neutral zone”, with the coin’s trading range hovering between $0.0000185 and $0.0000164. Should SHIB breach the critical resistance level of $0.000017, this analyst predicts that the price could plummet even further to $0.000015. It is important to note that SHIB recently dipped below this key level, further complicating its price outlook.
Despite the short-term uncertainties surrounding SHIB’s price, some experts remain optimistic about its long-term potential. While acknowledging the challenges faced by the coin in the current market conditions, these analysts believe that SHIB is well-positioned to rally in the future. One trader pointed out the formation of a possible bearish triangle on the 3rd chart, indicating a potential uptrend in the long term. However, due to the current neutral zone in which SHIB is trading, they advise caution and recommend waiting for lower price levels before entering a long position. This sentiment is echoed by others in the industry who see SHIB as a difficult coin to trade at present, urging investors to adopt a wait-and-see approach rather than making hasty decisions.
On a more positive note, some analysts have set bullish price targets for SHIB in the coming months. For instance, one expert suggested that the meme coin’s valuation could experience significant growth, potentially reaching triple digits, if it manages to surpass the resistance level of $0.000033285. This level has not been seen since March of this year, underscoring the potential for SHIB to rebound and regain lost ground. However, the overall market sentiment remains mixed, with uncertainty still looming over SHIB’s immediate price trajectory.
Another factor influencing SHIB’s price outlook is the performance of Shibarium, a layer-2 blockchain solution designed to enhance scalability and network efficiency. Recent data shows a sharp decline in daily transactions processed by Shibarium, with an 83% decrease recorded in late July compared to the previous month. Additionally, the number of active accounts and new contracts has also declined, signaling potential challenges for the protocol. Despite undergoing upgrades, including a new user interface update to enhance usability, Shibarium’s ability to positively impact SHIB’s price remains uncertain. However, industry experts believe that further improvements to the protocol could help boost SHIB’s performance in the future.
The future of Shiba Inu (SHIB) remains uncertain, with price fluctuations and market volatility likely to persist in the near term. While some analysts are optimistic about SHIB’s long-term prospects, others remain cautious due to the current market conditions. The performance of Shibarium will also play a crucial role in shaping SHIB’s price trajectory moving forward. Investors are advised to closely monitor market developments and exercise prudence when making trading decisions involving SHIB.
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