SHIB is still in an uptrend, up about 60% since its October lows. The cryptocurrency also continues to hold above its 21-day moving average. However, there are currently circumstances that threaten to disrupt this trend. May lead to short-term decline. If a bear market occurs, it is likely to quickly retest the support area between $0.000009 and $0.0000095, which is the location of the 50-day moving average. In technical analysis, a breakout of the support area could signal further downtrend.
Suffice it to say, SHIB is still in an uptrend, up about 60% since its October lows.
The cryptocurrency also continues to hold above its 21-day moving average. However, there are currently circumstances that threaten to disrupt this trend. May lead to short-term decline.
If a bear market occurs, it is likely to quickly retest the support area between $0.000009 and $0.0000095, which is the location of the 50-day moving average. In technical analysis, a breakout of the support area could signal further downtrend.
To catch up, SHIB needs to maintain continued growth in blockchain activity on the recently launched Shibarium blockchain. Shibarium's goal is to power the Shiba Inu Web 3 ecosystem.
Back in early December, there were some signs of optimism for Shibarium, when the number of new accounts, active accounts, and transactions briefly rose sharply, according to data from Shibariumscan.io.
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