Shiba Inu (SHIB) started the day with a 22 percent rise following the news of the Shibarium network.
Strong wallets, called Ethereum whales, stand out with their interest in the Shiba Inu project. Especially the falling news about Shibarium and the burning agenda about SHIB whetted the appetite of the whales. The popular cryptocurrency started the day with a rise of about 22 percent. The main source of this rise has been the upcoming Layer-2 network.
SHIB Chart Analysis, Will Uptrend Continue?
The Shiba Inu (SHIB) is passing the day with a 22 percent rise. The cryptocurrency, which is among the top risers, has started to gain momentum with the upcoming launch of the Shibarium network.
Ethereum whales whet their appetite by holding large quantities of SHIB. According to on-chain data, the top 1,000 Ethereum whales have $161 million worth of SHIB in their wallets.
According to the news in the past days, Shibarium has signaled that it will burn SHIB with the revenues from its network activities. The team focused on creating an incineration portal for this incineration system. The impact of this news also caught the attention of the Shiba community.
This rise of the popular cryptocurrency could be happening with the impact of the news and the upcoming launch.
Having managed to break the resistance at the short point, SHIB intensified the bullish candle. Exceeding the $0.000011 level, the cryptocurrency threw a needle up to the $0.00001292 level.
The popular cryptocurrency has the potential to continue its rise with the impact of whales and news. In a possible bullish case, the resistance at $0.00001520 is crucial for SHIB. If this resistance point is broken, the uptrend can continue.
On the other hand, SHIB turned the previous resistance at $0.000011 into support. This level can be visited for possible sales pressure and correction. If this support point is broken, the $0.00001049 level could be of great importance for SHIB.
If the market turns bearish again, it is of great importance for SHIB that these short support levels stay strong. If these points are broken, SHIB might want to visit the $0.000090 level.
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