Demonstrating its growing popularity and utility, Shibarium has recently achieved a new milestone in transaction volume, surpassing a remarkable four million transactions. Per the latest data from the Shibariumscan explorer, the network recorded 4,048,521 transactions as of November 22, underscoring its expanding user base and increasing transactional activity.
Further highlighting its rapid growth, the number of cryptocurrency wallets on Shibarium has reached 1,270,742. This impressive figure indicates a robust daily growth rate. This growth hasn’t had much of a positive impact on the SHIB and BONE’s prices.
In the last ten days, SHIB’s price fell by 10%, while BONE is down by 66% in the larger uptrend from August 8. Can these underlying tokens recover amidst Shibarium’s fundamental growth?
The performance of Shiba Inu’s (SHIB) price has declined since August 14 of last year, marked by a consistent pattern of lower highs and lower lows within a downward channel. Each peak and trough of SHIB’s price has interacted with the channel’s resistance and support levels.
Notably, on November 11, SHIB approached its resistance level but faced rejection. However, optimism emerged on October 19 when SHIB registered its first higher low since the downturn began.
This could be a harbinger of a potential upward breakout, particularly considering that the previous price surge for SHIB commenced on June 10, starting from its lowest point since its all-time high.
The fact that SHIB’s price has remained above this low for 158 days strengthens the likelihood that June 10 marked the bottom of its price decline. Should this be the case, the last upward trend could propel SHIB’s price beyond its current descending resistance, potentially kickstarting a bullish phase.
Conversely, with the recent price rejection, there remains a risk that SHIB could fall to a new lower low, possibly around the $0.0000040 mark, in line with its descending support level. To maintain a bullish outlook, SHIB’s price must stay above the 0.618 Fibonacci level, currently at $0.000076.
When it comes to BONE, we can see a different picture. It made its all-time high of $2.40 on August 30 last year, after which it started its prolonged correction. The price came twice to revisit its ATH levels, but both times made a slightly lower high
At first, it fell to $0.60 on November 13, 2022, and the subsequent low was slightly higher at $0.68 in mid-June 2023. But today, it fell lower, revisiting its first low area at $0.60. Considering that the detailed wave analysis points out at the potential end of the correction from the all-time high, we might see a bounce from this horizontal level and a larger recovery beginning soon.
On the other hand, the last downtrend from October 25 might continue. In that case, the next significant support would be around $0.52, which would be another lower low and push the price to near its starting point.
But on a macro scale, it appears that a bull phase for the price of BONE is imminent in either way.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.