🔥🔥🔥 #shibaInu Coin Price Forecast As Shibarium Upgrades Roll Out, Is This The Road $0.0001?

Shiba Inu Coin (SHIB), a prominent meme coin, is currently experiencing a notable downtrend, mirroring the broader volatility in the #cryptocurrency market. Currently priced at $0.0000252, it reflects a 2.33% decline, signaling bearish momentum amidst fluctuating market conditions.

In the past 24 hours, SHIB's trading volume decreased by 10% to $661.23 million, while its market capitalization also dropped by 2.33% to $14.85 billion, maintaining its position as the 11th largest cryptocurrency. Despite a 10% increase over the last week, SHIB has witnessed a 16% decline over the past month from its peak of $0.000035, indicating a downward trend.

Shibarium Project Update: Enhancing Performance and Scalability

- The development team announced an upcoming hard fork for the #Shibarium project set to launch on May 2. This update, targeting the Ethereum-based layer-2 solution, promises significant advancements, including improved block processing speeds and stable transaction fees, addressing user concerns and aiming for a smoother experience within the Shibarium ecosystem.

Technical Analysis: Potential Price Movements for $SHIB

- SHIB currently faces significant resistance at $0.000026. A breach of this level could drive the coin's value towards $0.00003, potentially leading to a rally up to $0.00005. Conversely, strengthening bearish sentiment may see SHIB retreat to its support level at $0.000024, with further negative shifts pushing it towards $0.00002 or lower.

Analysis of the Bollinger Bands indicates SHIB trading within a narrow range, with potential resistance at 0.00002986 and support at 0.00002520. The Relative Strength Index (RSI) at 49.04 suggests a neutral trend, while the Average Directional Index (ADX) at 18.21 indicates weak trend strength.

Source - coingape.com

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