Shiba Inu Drops To Floor Of Rising Channel, Attempts To Jump: The Bull, Bear Case

Shiba Inu (CRYPTO: SHIB) was dropping over 2% Thursday, in tandem with the crypto sector and the general stock market, which saw Bitcoin and the S&P 500 losing 2% and 1%, respectively, following a hawkish statement from the Federal Reserve . The “Dogecoin Killer's,” move lower saw the crypto testing the lower trend line of a rising channel pattern as support.

Timeline of Shiba-inu

Since its launch on August 16, Shibarium, the layer 2 blockchain created by the developers of the Shiba Inu (SHIB) cryptocurrency ecosystem, has triggered massive interest, demonstrated both in the number of wallets and in regard to the number of transactions, which has recently made a new record.

Shiba Inu's layer-2 scaling solution continues to smash records in terms of transaction volume and network growth. In the following lines, we will take a closer look at the most recent achievement that Shibarium completed.

Making a sharp V-shaped reversal from $0.00000695, the SHIB price taps into bullish momentum to challenge $0.00000750. Due to the overhead supply, the SHIB prices reverted with a sharp fall of 1.47% at press time. Meanwhile, the market conditions are volatile, with hopes of better sentiments in October with the Bitcoin ETF decision.

Even with the recent rollout of Shibarium and its impressive short-term performance, the SHIB price hasn't reflected these milestones on its chart. Shiba Inu is still struggling with breaking through key resistance levels, leading to a negative shift in on-chain metrics.

Binance, the biggest crypto exchange, has launched a crypto solution that lets Shiba Inu investors use their Shiba Inu in nine countries. They've named this new product “Send Cash.

Shiba Inu (SHIB), one of the most talked-about cryptocurrencies of recent times, has been making headlines once again. This time, it's not just about its mild price movements but also about a significant development within its ecosystem.

Shibarium's mainnet sees about 200,000 daily transactions, with over 27 million $BONE gas fee tokens staked on the network. In the past 24 hours, $SHIB has increased by 2%, contributing an additional 82 million to its market capitalization.

From mid-August to mid-September, the SHIB price trajectory has been primarily downward, plunging from $0.00001136 to $0.00000695, registering a 38% loss. This decline effectively nullified all the profits earned during the July rally, even diving beneath the 61.8% Fibonacci retracement level.

Swiss-based producer of hardware crypto wallets Tangem has announced that in just in two weeks – in October – it intends to launch a new update to make it easier for users to manage their crypto in their wallets.

The crypto market is gradually opening up a new era of temporary bullish surges, as marked by the more than 1.2% surge in combined crypto market capitalization to $1.06 trillion. Trailing this related uptrend are XRP and Shiba Inu (SHIB), two popular altcoins with a well-defined community of backers.