Shiba Inu Plummets: Early Investors Cash Out, Will the SHIB Price Recover?
Despite a recent bearish wave brought on by the broader market headwinds, Shiba Inu (SHIB) has managed to maintain stability above its key support levels. Bullish sentiments on Shibarium have dwindled as a result of the recent lack of noteworthy updates, leaving the asset vulnerable to bearish swings.
Important advancements in the L2 network’s development have come to a standstill this week, leaving SHIB to the general market trend. EMAs are nonetheless often bullish, and the asset is currently trading above the 100-day EMA.
The Shiba Inu coin saw a U-shaped recovery from the 0.0000079 support during the cryptocurrency market’s recovery at the start of the new year. This bullish turnaround has propelled the coin 50% higher in the last three weeks, where it is now trading at the $0.0000119 level.
The R2 and the 200-day Simple Moving Average (SMA), which operate as stabilizing factors close to $0.00001100, support the price movement. The release of US GDP data later on Thursday afternoon could serve as a catalyst. If this happens, Shib would quickly fall toward $0.00001000 in search of support. Due to the overwhelming demand, Shiba Inu’s buy-side volume would skyrocket and swiftly pierce the green ascending trend line towards $0.00001511.
What is the Shibarium bridge?
Shibarium, a Layer-2 scalability platform, is currently being developed by the Shiba Inu developers. The team behind the cryptocurrency project is also developing a bridge that will enable users to transfer assets between Ethereum and Shibarium.
SHIB Knight revealed information and specifics on a brand-new meme-based cryptocurrency initiative that aims to increase the usefulness of Shibarium. Shibarium Bridge will be developed by the Kai Ken Inu team, according to SHIB Knight’s tweet. Kai Ken Inu is the group behind the community-focused project.