- Shiba Inuโs Shibarium blockchain added several utility cases this week.
- Professional crypto trader affirms SHIBโs breakout of a major trendline.
- Latest crypto price movement sends SHIB to retest key resistance levels.
Shiba Inuโs resilience to volatile market conditions has put the canine token on the watchlists of top traders. While the popular dog-themed cryptocurrency has been around for just over two years, several traders have already measured Shiba Inuโs (SHIB) potential as a long-term investment.
On top of that, Shiba Inu has seen a major breakthrough in utility, with the Shibarium Layer-2 network approaching 4 million transactions less than half a year since its launch. While the blockchain endured a massive plunge in developer activity, the recent adoption of Shibarium by boxing legend Manny Pacquiaoโs charity foundation has turned the tables for Shibarium use cases in the real world.
Opportunity For SHIB Price Acceleration?
Last week, cryptocurrency chart analyst Captain Faibik pointed to the โbottomed outโ Shiba Inu (SHIB) price movement, which is typically an indication of a price trend reversal. In the tweet, Captain Faibik explained that Shiba Inu (SHIB) is en route to doubling its market value, on one condition.
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In the technical analysis provided, the confluent resistance rests at $0.00000839, which could invoke a 200% price surge by mid-December 2023. For this scenario to occur, Shiba Inuโs price has to withhold the aforementioned barrier for the major trendline to reach its full potential.
In technical terms, this is called a retest – Captain Faibik mentioned that the last time $SHIB had picked up on this bullish trend was back in August 2023. During that time, Shiba Inu released the highly-anticipated Layer-2 scaling upgrade to the public. Shiba Inuโs price erased a zero, but the ultra-bullish trend lasted just 5 days, as SHIB added back the zero after a lengthy market correction.
On The Flipside
- Shibariumโs official gas fee token Bone ShibaSwap (BONE) plummeted to yearly lows today.
- At press time, $BONE trades at $0.615 with a 5% decline in the last 24 hours, according to CoinGecko.
Why This Matters
SHIB has been one of the most watched altcoins throughout the year, contributing to retail adoption via real-life use cases of Shibarium Layer-2.
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