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Shiba Inu has continued its uptrend today following a bullish recovery on August 23. After a few setbacks following the launch of its Layer-2 scaling solution, Shibarium, the meme token, was faced with a gloomy sentiment.
However, recent price strides suggest a comeback is imminent as SHIB is trying to retest the monthly peak of $0.00001119 recorded before the Shibarium launch.
Data shows the front-runner meme token has successfully exceeded the $0.000008 price level and is now reaching $0.0000085.
Shiba Inu Recovers From Bearish Sentiment Following Shibarium Launch – What’s Next?
Shiba Inu’s latest resurgence is significant given the relief witnessed in the broader crypto market and the meme coin space. Moreover, the SHIB ecosystem has been booming with activity following the Shibarium Launch.
Although the past few days seemed gloomy, given the network glitches caused by the overwhelming user activity after the launch, over 1000 ETH was stuck on the Shiabrium bridge on the first launch day, raising eyebrows about the network’s robustness.
However, despite the challenges, Shibarium witnessed an unexpected adoption rate. According to an August 20 tweet by SHIB ecosystem official Lucie, the layer-2 solution recorded over 10 million wallets with over 331,258 BONE tokens staked.
Let’s be honest!
My $BONE, $SHIB, and $LEASH dropped a lot, just like the whole market.
Was I unhappy with @ShytoshiKusama?
No!
They kept their promises, but they made one mistake.
They didn't understand how much the #SHIBARMY wanted to be on #Shibarium.
I'm glad they… pic.twitter.com/z6kUSpUKQx
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) August 20, 2023
In addition, the network saw 1000 ETH and 600,000 BONE tokens deposited in just 15 minutes after launch, surpassing the developer team’s expectations. These figures reflect the community’s interest in the layer two solution irrespective of the challenges.
Shibarium Reignites Optimism Among SHIB Community Members
The developers of the layer two solutions assured the community that Shibarium is now enhanced and optimized, ready to serve the public.
The recent blog post stated that Shibarium was in the testing stage, where they had to test and tweak parameters, a plausible reason behind the setbacks recorded a few days ago.
Following this tweet, Shiba Inu recorded a nearly 5% price surge, exceeding today’s performance. While Shiba Inu remains almost 11% down from its past week’s value, the meme token has recovered more than 6% of its past month’s gains.
As of 2:30 AM EST on August 24, Shiba Inu traded at $0.000008312, reflecting a nearly 2% price increase over the past 24 hours.
While Shiba Inu has declined over 90% from its all-time high, the token remains over 10,000,000% higher than its all-time low. Its recent strides amid massive Shibarium adoption and network activity reignite hopes of more rallies to new highs among investors.
Technical Analysis Suggests Possible Retracement Above $0.000010 Resistance
Following a bullish breakout above the $0.000010 resistance zone and 200-day MA on August 11, Shiba Inu witnessed a significant pullback to the $0.000008 support. As the bears pressed on, the meme asset slipped below the support zone to the $0.0000079 price level on August 21.
However, the latest market movements suggest a rebound to the $0.00001 resistance Zone from where further rallies may occur. Moreover, the uptick to the $0.00008 price level presents an attractive entry point for the potential rebound to $0.00001.
From the chart above, Shiba Inu trades below the 200 and 50-day simple moving averages (SMA). The observation suggests a long-term bearish condition. However, the relative strength index is 44.79, moving sideways in the neutral zone.
The RSI value shows Shiba Inu buyers and sellers have attained equilibrium. The sideways movement also suggests uncertainty in the SHIB market. Nonetheless, if the bulls mount more pressure, Shiba Inu may breach the 200-day SMA, facing stiff resistance at $0.00000967.
More so, a breach above the $0.00000967 resistance level will empower the bulls to push SHIB to $0.00001, the take-off point to the $0.00001161 price zone.
Can the Shiba Inu Bulls Rally?
A prominent analyst, Michael van de Poppe, recently predicted a 44% price surge for Shiba Inu. According to the analyst, Shiba Inu’s rally will rely on its ability to hold on to three crucial support levels.
As long as $SHIB holds a few levels, it seems very likely we'll continue towards 1300. pic.twitter.com/ZkN2H1Kw9o
— Michaël van de Poppe (@CryptoMichNL) August 15, 2023
Van de Poppe identified three support levels, $0.00000941, $0.00000870, and $0.00000808, as the pivot points for Shiba Inu’s upward trajectory in the coming days. According to the Analysis, SHIB could reach $0.000013 once it breaches these key price levels.
SONIK Presale Accelerates Momentum, Raises Nearly $400,000 Amid Heightened Investor Interest
While top meme token prices falter, this new project, born of the inspiration from the popular hedgehog-themed series Sonic, is making waves. In less than two weeks of starting the presale, Sonik has raised over $390,000 and is inches closer to its hard cap of $2.09 million.
Sonik has emerged to revolutionize online gaming with blockchain innovation, triggering excitement and anticipation among gaming enthusiasts. Like most meme coins, Sonik seeks to leverage the meme coin virality and the power of community engagement.
Sonik aims to rise to the top among gaming platforms by harnessing the power of blockchain technology and smart contracts to enhance speed and user experience.
Moreover, SONIK is the meme token that powers activities on the platform. Users can stake their SONIK tokens to earn staking rewards as the project employs a stake-to-earn utility. It uses smart contracts to enable users to deposit their tokens.
So far, the project’s staking dashboard has recorded over 11 billion staked SONIK tokens out of the total supply of approximately 300 billion. This reflects the massive investor interest in the Sonik project.
As of August 24, SONIK trades at $0.000014, presenting an attractive entry point for investors. Prospective investors should visit the project website to acquire the tokens using USDT or ETH.
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