Shiba Inu Coin Price Forecast As Shibarium Upgrades Roll Out, Is This The Road $0.0001?

Shiba Inu Coin price forecast: SHIB, a popular meme coin, is experiencing a significant downtrend in price due to market pullbacks, reflecting broader volatility in the cryptocurrency sector. Currently, the SHIB price is at $0.0000252, a decrease of 2.33%, indicating bearish momentum as investors react cautiously to fluctuating market conditions.

The 24-hour trading volume for Shiba Inu has fallen by 10%, totaling $661.23 million. The cryptocurrency’s market capitalization has also decreased by 2.33% to $14.85 billion, keeping it ranked 11th overall. The available and total supplies of SHIB remain unchanged at 589.29 trillion coins. 

Shiba Inu Coin Price Forecast

Over the last week, the value of SHIB has risen more than 10%, with prices fluctuating between $0.000022 and $0.000028. However, over the last month, the meme coin has seen a 16% drop following a peak price of $0.000035, suggesting a downward trend in its market value.

Shibarium Project Update: Enhancing Performance and Scalability

Shiba Inu’s development team has announced an upcoming hard fork for their Shibarium project, set to launch on May 2. Revealed via their official X handle, this enhancement targets the Ethereum-based layer-2 solution, promising significant advancements. 

This hard fork aims to streamline user interactions and align closely with community expectations. Key improvements will include faster block processing speeds and stable transaction fees, directly tackling performance issues raised by users. 

This update is part of the protocol’s broader effort to enhance its scalability and efficiency, ensuring a smoother experience for all participants in the Shibarium ecosystem.

Technical Analysis: Potential Movements in SHIB Price

The meme coin Shiba Inu Coin is currently facing a significant resistance level at $0.000026. If the bulls take charge and break through this barrier, the coin’s value might rise towards $0.00003. This could set the stage for a potential rally to $0.00005. 

On the flip side, if the bears strengthen their hold, the coin could fall back to its support level at $0.000024. Further negative shifts in market sentiment could see SHIB drop to $0.00002 or even plummet below $0.000009, indicating challenging times ahead.

The Bollinger Bands in the daily chart show that the SHIB coin is traded within a narrow range. The upper Bollinger Band was positioned at 0.00002986, indicating a potential resistance level, while the lower Band stood at 0.00002520, suggesting a possible support boundary. The market appeared to hover closer to the lower band, a sign of bearish pressure in the market.

Shiba Inu Coin Price Forecast| Source: Tradingview

The Relative Strength Index (RSI) stands at 49.04, indicating a neutral trend in the market. The Average Directional Index (ADX) stands at 18.21, indicating a weak trend strength.

The post Shiba Inu Coin Price Forecast As Shibarium Upgrades Roll Out, Is This The Road $0.0001? appeared first on CoinGape.