Since November the price of SHIB dropped by 60% matching the downward trend among other meme coins. SHIB demonstrates signs of upcoming growth since it is getting close to strong support lines and produces certain positive trading signals. Shibarium network’s transaction volume is set to reach over 1 billion because this market trend indicates potential price increase in SHIB.
The rising use of Shibarium’s layer-2 solution creates a major reason why SHIB prices might rise. ShibariumScan shows the network has processed 947 million transactions just shy of the 1 billion mark. Previously, Shibarium reached 500 million transactions during November.
The number of different online wallets for Shibarium increased from 100 million in January to more than 124.5 million by today. The indicator suggests an approach of 125 million unique Shibarium addresses before the month ends.
Shibarium Growth Boosts SHIB Price Through Token Burns
Shibarium’s success positively affects the SHIB price since part of its transaction fees reverts to SHIB tokens which later get burned. The market rise for SHIB demands more of the circulating coins and reduces supply following burning transactions.
Despite a strong beginning Shibarium trails Base and Arbitrum because they dominate the layer-2 network market. Its total funds stored on the network amass only $2 million compared to leading rivals.
Using daily technical indicators shows that Shiba Inu price movement leans towards bullish trends. The ADX indicator takes a downward turn to show that the present downward trend has weakened.
RSI and PPO Indicators Signal Bullish SHIB Breakout
The Relative Strength Index (RSI) shows a bullish trend because it crossed above the downward support line from December 1. The Percentage Price Oscillator shows a bull trend divergence that helps analyze price movements.
The chart displays a falling wedge pattern composed of two downward lines that draw nearer together. Past data shows that when trading activity stays inside the formation of a falling wedge it usually results in price moving upward. The important cross-over points where SHIB tried and failed to hit support stand out in the analysis of 2024.
The signals from technical indicators show that SHIB might exit its downward movement and move toward its $0.00003333 price seen in 2023. At the future target price the token could rise by 150% starting from its present trading value.
The bullish outlook remains valid until the market price drops below $0.000010 but following this level would trigger additional downward movement.People who buy and sell SHIB tokens closely follow market trends as Shibarium develops while also tracking potential breakouts in the following weeks.
