Shiba Inu (SHIB), the second largest meme coin, finds itself at a crucial crossroads, battling indecision within a price range of 59 trillion SHIB. This level serves as a pivotal point, potentially dictating the token’s immediate price trajectory. From this level, SHIB’s future hinges on its ability to hold or breach this critical support level.
Scenario 1: Bulls Regroup and Defend 59 Trillion SHIB
Should SHIB successfully maintain its position above 59 trillion, it would signify continued buying pressure and investor confidence. Data from IntoTheBlock’s Global In/Out of Money indicator reveal that approximately 59.76 trillion SHIB were acquired by 76,240 distinct addresses at this price point.
A sustained defense of 59 trillion SHIB could pave the way for a renewed uptrend, targeting the next significant resistance level. This barrier sits at 226.25 trillion SHIB, where 322,000 addresses hold an average price of $0.000011.
Overcoming this hurdle could propel Shiba Inu towards a price range of $0.000009, and breach the $0.00001 resistance level again to reach $0.000014, removing a zero from its current price.
Scenario 2: Bears Seize Control, SHIB Retreats
Conversely, a breach of the 59 trillion SHIB support level would signal a shift in market sentiment, indicating a loss of confidence and selling pressure taking hold. This scenario suggests that sellers dominate the market, potentially pushing SHIB down to the next support level of 25.93 trillion SHIB. This price point saw 63,730 addresses acquire SHIB at an average price of $0.000008, where bulls might attempt to halt the decline.
Shibarium Upgrade Offers Glimmer of Hope
Despite the efforts of the SHIB devs to provide a stronger network and ecosystem, some events are out of their hands, as they don’t control SHIB’s price. However, that doesn’t mean their efforts have zero impact on the ecosystem. At this critical juncture, positive developments within the Shiba Inu ecosystem offer some hope.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Shibarium’s Puppynet, a Layer 2 blockchain scaling solution designed to address Ethereum’s scalability limitations, recently underwent an upgrade to the Sepolia network. This robust testing environment, mirroring the Ethereum mainnet, provides developers with a reliable platform to test and deploy decentralized applications (dApps) and smart contracts, potentially fostering future growth.
SHIB is currently trading at $0.000008882, up by a meager 0.28% over the last 24 hours. As the battle unfolds at the 59 trillion SHIB threshold, whether bulls can regroup and defend this support level or bears seize control will dictate SHIB’s direction, and if it can reach the lofty targets set by ChatCPT.
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