Shibarium News: ShibaSwap Strength, SHIB Patterns, & What Comes Next
Key Insights:
- SHIB formed a bullish flag that could send it to $0.00002200 or push it down to $0.00000900.
- SHIB’s price suggested investors could be accumulating, as netflows swung and volatility stayed low since March.
- If more coins moved into SHIB, the price could go up, but outflows above $30 million could bring the momentum to a halt.
Shibarium news expounded on major developments in the network that sprang from the infamous Shiba Inu (SHIB) meme coin, with the community growing greatly.
Shibarium News: How Strong Foundations are Fueling the Network
Shibarium news reported that ShibaSwap made its move into the network after it was featured in The Shib Magazine. This was supported by the good security and trust among the community members using it.
The protocol’s assessment on CertiK Skynet was impressive, with Community, Governance, and Market Stability rated at 98, 96, and 97, respectively. This proved its strong trustworthiness and simplicity.
Such developments reflected well on the platform, with Code Security above 89.29, Operational Security over 87.10, and Fundamental Health at 83. This further showed the platform was prepared for the long run.
In addition, the project’s technical reliability was strengthened by the BONE contract, which rated 97.50.
From these strengths, it indicates the presence of a strong environment and may lead investors to adopt Shibarium more broadly.
If the security trend continued unaltered, BONE was expected to rise from its 2024 minimum to a high by the end of the year.
Should vulnerabilities arise, BONE might decrease. Confidence held by BONE could help it stabilize, reflecting its best level this year.
SHIB Price Movements Reflect Cautious Optimism
Still on Shibarium news, after a strong move higher and a steady tightening, SHIB price appeared to be forming a cup and handle pattern.
After this happened, SHIB traded around $0.00001461, almost to the top of the candle.
If SHIB manages to cross over this upper boundary, it could result in further growth, pushing prices up to the resistance at $0.00002200, where there was increased selling earlier on.
Resistance found around this zone could encourage some short-term traders to take their profits.
Otherwise, giving up on the handle could lead SHIB to retest support around the $0.00001200 level. Yet, a stronger decline could take SHIB to the support zone at $0.00000900.
It’s worth noting that the market saw large traded volumes as the price increased sharply. Alternatively, it traded less when the price began to stabilize, which suggested holders were in the picture.
An increase in volume while the crypto went through a breakout would support the bullish outlook.
At the beginning, the outlook was neutral, but SHIB’s current trend could be shaped by the reactions around the $0.00001600 price zone.
Shibarium News on What’s Next for the Network
More Shibarium news revealed that, lately, it seemed that more investors were feeling hesitant about moving tokens in and out of the market.
In late November and mid-December, significant withdrawals surpassed $50 million, as investors took their earnings, thus stirring strong volatility.
These selling events coincided with clear price declines, signaling that the market was heading bearish at that time.
Yet, the arrival of large inflows in December and mid-January hinted that new investors were coming in, likely because prices were higher. That way, they looked to take their profits which resulted in a drop.
Since March, the price of SHIB has ranged narrowly below $0.00001000, which suggests possible accumulation. Both April and May saw fairly small purchases, which added more evidence for the idea.
If the buying pressure increased, SHIB could reclaim $0.00001200 or even go above it.
If there was another big outflow and it topped $30 million, the price of the token could rise, as tokens leaving the market suggest accumulation.
Because trading activity was calm lately, a big shift could build up entirely outside of traders’ notice.
