Shiba Inu (SHIB) declined nearly 12% as the cryptocurrency market succumbed to widespread selling pressure. At the time of publication, SHIB was trading at $0.000022, after a massive drop from intraday highs of $0.0000246. In a recent medium blog post, Unification Foundation has announced that a project testnet of Shibarium, a Layer 2 scaling solution for the Shiba Inu cryptocurrency, is scheduled to launch within the next months with a public beta to follow shortly thereafter. Since Shiba Inu is an ERC-20 token on top of the Ethereum blockchain, it suffers from high gas fees that are unaffordable for many newcomers. This is exactly why many expect Shibarium to be a gamechanger for SHIB, given that transactions might potentially become much faster and cheaper. Thus, Shiba Inu will be optimized for gaming.
Key Levels
Resistance Levels: $0.00003250, $0.00002740, $0.00002542
Support Levels: $0.00002071, $0.00001866, $0.00001708
SHIB/USD Daily ChartSHIB started a fresh decline from above the $0.0000254 level on Apr. 11. SHIB further declined to reach lows of $0.000218 before a slight rebound. On the downside, immediate support is near the $0.0002122 level. The next major support is near the $0.00001708 level.
The first major resistance is near the $0.000243 level (MA 50). The next major resistance is near the $0.0000316 level. Any more gains might send the pair towards the $0.0000353 level in the coming sessions.
The RSI is reaching a support zone near oversold levels, thus indicating a possible relief rally in the coming sessions.
SHIB/USD 4-Hour ChartSHIB printed red candles for the seventh consecutive 4-hour session, reaching lows of $0.0000218. if the selloff persists, a decline could meet the $0.0000213 support, which the market was unable to breakthrough in March. On the upside, immediate resistance is near the $0.0000243 level at the 4-hour MA 200.
The main resistance sits near the $0.00002507 at the MA 50. A clear move above the MA 50 could set the pace for a move towards $0.0000284. A possible relief rally is indicated by the oversold RSI. In summarizing, SHIB/USD has been in consolidation since the start of 2022 and only a surge above the $0.0000353 may switch the neutral outlook to bullish.
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