Tuesday, February 20, 2024
HomeCryptocurrencyShiba Inu Flirts With Crucial Resistance Level: Is SHIB Price Rocket Set...

Shiba Inu Flirts With Crucial Resistance Level: Is SHIB Price Rocket Set To Launch?

Despite several attempts to break above the $0.000009 resistance price level, Shiba Inu seemed to constantly find itself trading below this level.

Notably, Shiba Inu had registered price levels above the $0.000009 level. However, maintaining the price mark above the resistance level has always posed a significant challenge for the coin.

Read Also: Shiba Inu Whale Moves 4.4 Trillion SHIB, As Bulls Targets Deleting Another Zero

Significance of The Resistant Level At $0.000009 

Based on prevailing conditions, the $0.000009 price level was identified to be a turning point in SHIB’s fortune once the crypto asset succeeds in breaking above it. 

In a nutshell, SHIB’s potential price rally depends on converting the resistance level into a support level for a sustainable increment in the digital asset price.

What Could Be The Reason For Shiba Inu’s Struggles? 

According to market watchers, Shiba Inu’s struggles could be because the right motivation to drive the digital asset in the best direction has not been identified. 

In addition, the presence of Shibarium, the layer-2 scaling network solution has not been significant in propelling SHIB’s market value. 

However, the scaling solution network technology still boasts a substantial potential to attract more users into the Shiba Inu ecosystem. With this, it is safe to say that SHIB will pass the test of maintaining relevance in the long run.

Plans Aimed At Boosting SHIB’s Adoption Rate

Per one of our reports, it’s revealed the Shiba Inu development team plans to improve the SHIB adoption rate globally.

Out of the strategies revealed to help boost the cryptocurrency’s ecosystem, addressing Shiba Inu’s scalability limitations topped the list. 

Notably, the development team hopes to design a scaling solution that could circumvent the scalability limitations of Ethereum, Shiba Inu’s present host.

Read Also: Shiba Inu Innovative Developments With Potential To Drive SHIB Price

Another notable mention was decentralization, which would involve the development of Decentralized Exchanges (DEXs) and non-fungible tokens (NFTs). 

Others include enhancing seamless token exchanges via the ShibaSwap technology, developing a vibrant and diverse Shiba Inu ecosystem, and interoperability for seamless integration.

<

Should the development team bring the above plans into reality, Shiba Inu will not only become one of the major hits in the crypto sphere, it will also become a strong force in the global finance sector.  

Shiba Inu (SHIB) Market Statistics – Bullish Or Bearish? 

At the time of writing, SHIB was revealed to be changing hands at $0.00000836. It is up by 0.7% and boasts a trading volume of $117,523,146 with a market cap of $4,942,815,851. 

Notably, the digital asset registered an improvement of about 6.5% from what was obtainable last month. It is left to see how events unfold.


Follow us on Twitter, Facebook, Telegram, and Google News

Chinedu Agbakwusi
Chinedu Agbakwusi
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.
RELATED ARTICLES

Latest News & Articles