Crypto News– September 27 Shiba Inu price performance has been marked by four consecutive bearish candles, resulting in a gradual decline since the start of the week. This bearish sentiment appears to be prevalent across both short-term and long-term timeframes, mirroring the broader trend seen in the cryptocurrency market. However, amidst this market-wide correction, a select few altcoins are managing to stand out with FOMO-driven price surges.
Currently, SHIB is trading at $0.00000725, reflecting a 1.1% decline on Wednesday. Notably, trading volume has seen a noticeable drop, dwindling to $57 million. Shiba Inu’s market capitalization stands at $4.2 billion, securing its position as the 16th largest cryptocurrency in the market.
September 27 Shiba Inu Price Forecast: With Shibarium Transactions Surpassing 3 Million, Is It the Right Moment to Consider SHIB Investment?
The Key Challenge for Shiba Inu Price Shiba Inu’s price currently remains above a critical ascending trendline, a level that bulls must staunchly defend to prevent further declines below $0.000007. It’s worth recalling that the last time SHIB slipped below a similar trendline, it triggered a sell-off, resulting in a 16.4% dip from $0.00000842 to $0.00000704. Should the trendline support falter, it could potentially lead to a sell-off, finding support at the next robust level around $0.0000064.
On a positive note, the Moving Average Convergence Divergence (MACD) indicator has generated a buy signal, urging traders to contemplate increasing their long positions. This bullish signal materialized late last week when the blue MACD line crossed above the red signal line.
The Relative Strength Index (RSI) currently hovers above the 40 mark, following a rebound from the midline. To maintain Shiba Inu’s stability, the RSI needs to continue its upward trajectory, creating a positive divergence from the price trend.
Should the support at $0.000007, in conjunction with the ascending trendline, hold firm, it could bolster sentiment regarding a potential SHIB price recovery, with targets set beyond $0.00001. The first hurdle on this upward journey is the immediate resistance at $0.0000074.
Shibarium Protocol Witnesses a Surge in Transaction Activity
Just over a month has passed since the introduction of Shibarium, the Ethereum Layer 2 protocol, by Shiba Inu developers. While the network initially encountered some challenges related to safety and scalability upon its launch, its subsequent performance has been nothing short of remarkable.
As reported by the Shibarium explorer, the protocol for scaling solutions has now garnered an impressive 1,250,865 registered wallets. Concurrently, transaction activity on the network continues to surge, currently tallying at 3.1 million transactions, all while maintaining an average gas fee of 2.77 Gwei.
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