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Excitement continues on the Shiba Inu side with the expected release of the Shiba Layer-2 scaling solution called Shibarium in August. The latest beta version of Shibarium, which broke a record with 32 million transactions during the testnet phase, continues to attract attention by making an agreement with CoinRabbit, one of the market’s important credit platforms. Let’s examine the chart structure together with these significant developments.
Shiba Inu Chart Analysis
The first thing that stands out on the 4-hour chart is the formed wedge formation. According to this formation, the structure, which was rejected three times from the resistance line, has worked as a savior six times on the support line. Additionally, the support of the EMA 200 average in the recent formation does not go unnoticed. When we examine all of this data, the first resistance level that needs to be overcome for Shiba Inu stands out as 0.000008103. If there is a 4-hour closing above this level, and another closing above the level of 0.000008540, the target becomes the EMA 200 level of 0.000009963 on the daily chart.
Despite all these positive developments, for a possible negative scenario, we can expect a 4-hour closing below the level of 0.000007522. Below this level, the first resistance level will be 0.000007002, followed by the level of 0.000006404 serving as the final resistance level. Especially when examining bearish scenarios, it is crucial to take positions according to the time frame being examined. In particular, in the cryptocurrency markets, as you can see on the chart, the price can spike to the levels that most users consider as stop points and can rise above the support without closing depending on the time frame. These traps are called bear traps or bull traps, depending on the scenario.
Decrease in Active Wallet Count
Despite positive news flow and all developments, Shiba Inu is still not delivering what investors want, both graphically and data-wise. According to the data we obtained from the IntoTheBlock analysis site, while the total wallet count is increasing, there has been a decrease in the number of active wallets for the past month. The release of Shibarium Layer-2 for Shiba Inu is of great importance according to these data.
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