Shibarium Marks Three Million Block Milestone — SHIB At Its Key Support

Key Takeaways

• Shibarium surpasses three million blocks, showcasing scalability.
• The system has more than 334 million transactions and 15,004 contracts, highlighting ecosystem growth.
• SHIB might bounce from $0.000008 and start a new uptrend.

Shibarium, the layer 2 scaling solution for the Shiba Inu cryptocurrency ecosystem, has recently had its three millionth block. 

This achievement underscores the platform’s growth. It has handled more than 334 million transactions and has an average block time of just five seconds. 

As SHIB approaches its support level of $0.0000088, this development could play a role in the cryptocurrency’s performance.

Shibarium’s Fundamentals 

Shibarium has surpassed  three million blocks, demonstrating significant growth with more than 334 million transactions and 1.35 million wallet addresses.

The platform shows strong development activity. It has 15,004 contracts, 63,225 accounts and 8,979 tokens. This data points to Shibarium’s robust infrastructure and growing role in the Shiba Inu ecosystem. 

SHIB Price Analysis 

 SHIB reached a low of $0.0000058 on June 10, 2023, its lowest point since its all-time high of $0.00008. This was at the same horizontal level as the previous bull market run-up, meaning it wiped out all the gains previously made in the bull market. 

We saw the start of a new uptrend with slow momentum, forming an ascending triangle. After making its first higher high on December 17 of $0.000012, the price fell back to the its support and is now retesting it. 

A zone between $0.00001 and $0.00009 serves as resistance, causing the price to struggle to make a decisive move. However, we expect the start of a new uptrend that should complete the five-wave pattern dating from June 2023. 

If the price bounces from the current support, it should be sent to a higher high, above $0.000012 but slightly below the ascending resistance level. That could mark the completion of the first bullish structure in the next bull phase. 

A correction might come after to form the first macro higher low around $0.0000090. If that happens, it could send the price of SHIB into another and even larger uptrend to $0.00002. 

Disclaimers

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.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

See more

[email protected] LinkedIn