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In the previous day, Shiba Inu decreased by more than 10%. Shibarium continued development may be to blame for the abrupt drop. A significant issue was brought up in the Shiba Inu community on the Discord channel after it was announced that the layer 2 network’s beta version had been released.
Usually, many were worried that the Shibarium beta testnet might use the same chain ID as an existing blockchain. A community member claims that the creators’ incompetence is to blame for the chain’s ineffectiveness. Due to the worry, SHIB has plummeted by more than 10%, along with practically all other tokens on the Shiba Inu network.
Key Shiba Inu Levels To Watch – March 16
The rejection from the $0.000015900 supply zone has been the driving force behind the price’s decline. On October 27, 2022, prices surged upward to fill the fair value gap at the supply zone. The rejection from the supply zone caused the price to decline until December 28, 2022.
The Moving Averages currently show that the market is bearish. This signal was made early this month as price began to decline alongside a falling trendline. However, once the support at $0.000009240 is reached, the price might expand to break the falling trendline to the upside.
Shiba Inu Key Levels
Resistance Levels: $0.000030000, $0.000017940, $0.000015900
Support Levels: $0.000010160, $0.000009240, $0.000007790
Total Market Capitalization: $1.09T
Shiba Inu Market Capitalization: $6.18B
Shiba Inu Volume: $0.30B
Market Rank: #13
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