- Shibarium’s fortifications boost BONE token security.
- SHIB faces bearish trends, but increased trading volume reflects interest remains strong.
- Technical indicators hint at a slowing selling pressure and a potential SHIB rebound.
Despite the waves of volatility, the Shiba Inu ecosystem is not to be overlooked. Shibarium, layer 2 of Shiba Inu, is garnering significant traction. Significantly, the latest developer insights reveal the team’s dedicated efforts to fortify the ecosystem, especially around the Bone ShibaSwap token, commonly known as BONE.
According to a recent blog from the Shiba Inu team, BONE’s deployment prioritized investor security. Moreover, they employed a timelock contract. This move was paired with a decentralized multi-signature wallet to enhance its protection. As they described, such a move added layers to the BONE minting process, making its ownership transfer more intricate.
SHIBS’s Market Outlook
However, as Shibarium’s prominence rises, SHIB’s market shows some bearish trends. The currency witnessed a slight dip, moving from a daily high of $0.000007331 to a low of $0.000007126. Besides, at the moment, SHIB’s price stands at $0.000007248, marking a 0.93% decrease from the previous close.
While SHIB’s market cap decreased by 0.82% to $4.28 billion, its 24-hour trading volume rose by 22.64% to $72.61 million. This increased activity signals continued interest in SHIB, even amidst falling prices.
With the Keltner Channel bands moving south on the SHIB/USD price chart, the negative trend is expected to continue. Displaying a downward trend, the upper, middle, and lower bands are at $0.00000751, $0.00000732, and $0.00000713, respectively. This trend indicates that considerable resistance exists at current levels, making it difficult for the price to break through and reverse the negative trend.
On the other hand, the stochastic RSI rating of 18.62 and trending higher shows that selling pressure is easing, and a possible reversal is on the horizon. Furthermore, a break above the top band of the Keltner Channel might indicate a bullish breakout and a change in momentum.
The Money Flow Index rating of 40.98 indicates that the market is seeing significant but not overwhelming selling pressure. This movement suggests that the price can rebound and climb higher. If the MFI rating rises over 50, it would signal a change toward buying pressure and support the possibility of a positive turnaround.
In conclusion, while Shiba Inu’s SHIB faces bearish trends, Shibarium’s commitment to security and innovation with BONE is a beacon of hope. The market’s resilience and potential reversal indicators hint at brighter days ahead for SHIB.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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