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This Shibarium Milestone Could Rocket Shiba Inu To August Highs

Shiba Inu’s latest price action seems like the meme token has bounced off the critical $0.0000061 support level to set the stage for a possible bull run. The cryptocurrency is up by 3.63% in the past 24 hours and 5.79% in a seven-day timeframe. 

However, a larger timescale reveals a different picture, as the value of the cryptocurrency has dropped by 49% since reaching its yearly high of 0.00001471 on February 5. Nevertheless, positive momentum could be building up at the moment, particularly with Shiba Inu’s Layer-2 scaling solution Shibarium attaining a new milestone.

Shibarium Reaches 1.3 Million Mined Blocks

Shibarium was created to provide lower gas fees and faster transaction times for Shiba Inu. As a result, the Layer-2 scaling solution has been well accepted by the Shiba Inu community since it launched, despite having a few hiccups after its early stages. Data from Shibariumscan revealed that Shibarium recently surpassed 1.3 million blocks mined and a total transaction of 3.574 million. 

The 1.3 million block milestone in such a short time shows the sheer capability and adaption of Shibarium. Each block has an average processing time of 5.0 seconds, demonstrating its efficiency and speed. In comparison, Bitcoin, the world’s largest cryptocurrency, has a block creation time of 10 minutes. 

Potential Price Impact For SHIB?

Past news around Shibarium has always positively affected the price of SHIB. Each new milestone and benchmark reached in developing Shibarium generates excitement and drives up the price of SHIB. 

Rumors surrounding its launch in August propelled SHIB to $0.00001137, although it has since lost most of those gains. At the time of writing, SHIB is trading at $0.000007484, and it appears to be on the verge of a price breakout that could retest its August highs. This would mean a 43% spike from its current price. 

According to data from DeFi aggregator DeFiLlama, the total TVL in Shibarium is now at $770,562. While this is low compared to its TVL of $1.47 million in late August, the new milestone and Shibarium’s continued adoption could also push up the TVL in the next few days. 

Shiba Inu price chart from Tradingview.com (Shibarium)

What’s Next For Shiba Inu?

The entire crypto market has had an influx of funds in the past few days, with Bitcoin leading the charge with a 24-hour increase of 10.37%. SHIB has also piggybacked on these gains and has had a few whale movements. 

Recent price action shows the crypto testing a minor resistance at the $0.0000076 level. A strong breakout could push SHIB to another resistance at $0.0000087 and then to its August high of $0.00001137.

With a thriving layer 2 ecosystem and a large community, Shiba Inu could transition from being just another meme cryptocurrency to cement itself as a leader in decentralized finance and payments. 

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Digital Assets On The Rise: 4th Consecutive Week Nets $66 Million

The digital assets markets experienced a consecutive fourth week of inflows from institutional investors. CoinShares data shows that a portion of the momentum observed can be attributed to an increasing expectation for the authorization of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.

The aggregate value of assets under management (AuM) has experienced a notable surge, reaching $33 billion, denoting a 15% growth rate since the beginning of September. Nevertheless, investors are displaying a greater degree of prudence compared to their response to Blackrock’s announcement in June.

The latest influx of funds, although possibly associated with the prospective introduction of a spot bitcoin ETF in the US, is very modest in comparison to the inflows witnessed in June.

Bitcoin Leads Digital Assets: $315 Million Inflows This Year

According to the report, a significant portion of the inflows seen in the previous week amounted to $55.3 million, representing 84% of the total. This influx was specifically directed towards investment products related to Bitcoin. As a result, the cumulative inflows for Bitcoin products during the current year have reached a total of $315 million.

Solana experienced an additional infusion of $15.5 million during the previous week, resulting in a cumulative inflow of $74 million for the year. This notable performance positions Solana as the leading alternative cryptocurrency thus far in the current year.

On the other hand, and amidst persisting concerns, Ethereum faced a challenging week as it observed a significant outflow of $7.4 million. Notably, Ethereum was the only altcoin to encounter a decline in its financial performance during this period.

Other altcoins such as Cardano (ADA) and Binance Coin (BNB) saw small inflows of $0.1 million and $0.2 million, respectively.

James Butterfill, the Head of Research at CoinShares, pointed out that the inflows observed in the previous week have not yet achieved the same magnitude as those witnessed earlier this year when BlackRock initially submitted an application for a Bitcoin ETF.

Butterfill said:

“While the most recent inflows are likely linked to excitement over a spot Bitcoin ETF launch in the U.S., they are relatively low in comparison to the initial inflows following BlackRock’s announcement in June.”

Navigating The Digital Asset Landscape: Trends And Caution

Digital assets are becoming more and more popular, and many people are investing in them. However, some investors are being careful about these assets, and we don’t know if they will keep being cautious. We have to wait and see if the market will change and bring new trends or chances for investors in the next few weeks.

The world of digital assets is rapidly growing, with more and more people putting their money into cryptocurrencies and other digital investments. Despite this, some investors are still being careful and not rushing into things.

We can’t predict whether this cautious approach will continue or if the market will surprise us with new trends and opportunities in the weeks ahead. It’s an exciting time in the world of finance, and we’ll have to keep a close eye on how things develop.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Ledger Insights

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God Candle Coming For XRP Price? Crypto Analyst Reveals His Target

The XRP price has experienced a strong upswing along with the entire crypto market in the past few hours. XRP has temporarily risen by more than 5%, approaching a crucial resistance zone that if broken could trigger a strong and impulsive “god candle”.

Renowned crypto analyst Egrag unveiled his latest technical analysis on XRP’s price trajectory, sparking excitement within the crypto community. Using the 3-day XRP/USDT price chart, Egrag brings attention to several pivotal moments and trends.”XRP Gods Candle, it is coming, tweeted Egrag.

The “Berlin Wall” Of Resistance For XRP Price

In his analysis, Egrag likened the XRP’s resistance level to the infamous ‘Berlin Wall’, describing the resistance as both formidable and tantalizingly close to a breakdown. “Fast forward to today, and XRP is still chipping away at what can only be described as its own ‘Berlin Wall’ of resistance. With each small pinch, this formidable barrier inches closer to its inevitable collapse,” stated Egrag.

The “Berlin Wall” at $0.5574 served as a strong support from May 2021 to May 2022. Egrag’s chart shows two critical moments when the price level served as important support. However, in early May 2022, the XRP price fell below this support level. After that, XRP was rejected at the Berlin Wall in two key moments.

After the summary judgment in the lawsuit between Ripple and the US Securities and Exchange Commission, the wall was overcome only for a short time, despite the first God candle. Within 4 weeks, the price fell back below the price level. Now, however, the wall seems to be crumbling and resistance is getting lower, Egrag believes.

The analyst highlights the potential upside of this impending breakout: “The potential breakthrough looming on the horizon promises to be nothing short of spectacular. My expectations are set on XRP’s forthcoming move, which I anticipate falling within the impressive range of $1.10 to $1.40.”

Egrag also emphasized the emergence of a distinct ‘W’ pattern in XRP’s price action over the past 2+ months. This pattern is historically significant, often linked to trend reversals and strong price momentum.

“Now, let’s take a closer look at the current technical analysis. It’s apparent that XRP is in the process of forming a distinct ‘W’ pattern,” Egrag noted, suggesting a bullish outlook, “This pattern suggests a measured move to approximately $0.65.”

The Rebounce

Furthermore, the $0.65 mark isn’t just a random figure in Egrag’s analysis. A successful move past this resistance can set the stage for a bullish trend, and a short-term retest of the $0.55 to $0.58 cents range. Egrag highlights the importance of this level, stating, “Our next significant milestone is around 65 cents, and a successful breach at this level would indicate a bullish trend.”

The climax of Egrag’s prediction centers around the potential for a “Rebounce” — a term he employs to describe a swift and robust bounce in the price of XRP. Should this Rebounce materialize, Egrag is optimistic about the coin reaching the $1.10 to $1.40 range.

Concluding his update with a message to the ardent followers of XRP, Egrag affirmed, “XRP Army STAY STEADY, Our moment in the spotlight is drawing near, and your unwavering commitment will soon be rewarded.”

At press time, XRP was trading at $0.5422 and was rejected on the first attempt at the 0.236 Fibonacci retracement level ($0.5539).

XRP price

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Dogecoin Price Prediction – DOGE Could Soon Pump 20% Like Bitcoin

Dogecoin is climbing higher above the $0.065 resistance against the US Dollar. DOGE could rally over 20% if it clears the $0.070 resistance zone.

  • DOGE started a decent increase above the $0.0625 resistance against the US dollar.
  • The price is trading below the $0.0650 level and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
  • The price could start a strong rally like Bitcoin if it clears the $0.070 resistance.

Dogecoin Price Starts Increase

After forming a base above the $0.0575 level, Dogecoin price started a fresh increase. DOGE broke the $0.060 resistance zone to move into a positive zone.

The recent pump in Bitcoin and Ethereum also pushed DOGE further higher. There was a steady increase above the $0.0650 resistance zone. A high is formed near $0.0693 and the price is now consolidating gains. It is also above the 23.6% Fib retracement level of the recent increase from the $0.0574 swing low to the $0.0693 high.

DOGE is now trading above the $0.065 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0685 level. There is also a key bullish trend line forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair.

Dogecoin Price Prediction

Source: DOGEUSD on TradingView.com

The first major resistance is near the $0.0685 level. The main resistance is near $0.070. A close above the $0.070 resistance might send the price toward the $0.0735 resistance. The next major resistance is near $0.0750. Any more gains might send the price toward the $0.080 level.

Are Dips Supported in DOGE?

If DOGE’s price fails to gain pace above the $0.070 level, it could start a downside correction. Initial support on the downside is near the $0.0665 level.

The next major support is near the $0.0650 level. If there is a downside break below the $0.0650 support, the price could decline further. In the stated case, the price might decline toward the $0.0632 level or the 50% Fib retracement level of the recent increase from the $0.0574 swing low to the $0.0693 high.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0665, $0.0650, and $0.0632.

Major Resistance Levels – $0.0685, $0.0700, and $0.0750.