Shiba Inu (SHIB/USD) is down 2% on the day, but its Layer-2 blockchain, Shibarium, is gaining momentum

Shiba Inu (SHIB/USD) is trading lower on Thursday, as the token faces resistance at a key price point and a critical Fibonaci level. The token is also showing signs of decreased activity, which could be a concern for bulls.

However, Shibarium, Shiba Inu's Layer-2 blockchain, is showing promise with new developments and milestones. Daily transactions on Shibarium have more than tripled in the past month, and total wallet addresses are approaching a massive 200 million milestone.

Shibarium has also crossed $1 billion in total transaction volume, highlighting its role as one of the most active L2s in the crypto space.

Key Shiba Inu price levels to watch

Shiba Inu is currently trading at $0.0000164, down 2% for the 24-hour period. However, the token is still up 20% over the past seven days and 150% year-to-date.

The token is facing resistance at the $0.000015–$0.000019 price range, where 533.08 trillion SHIB is held across 133,340 wallets, with an average entry of $0.000017. This level will likely determine Shiba Inu's next major directional move.

On the other hand, traders are keeping an eye on the 3.82 Fibonaci level, which could provide support for the token.

Shibarium shows promise with new developments and milestones

Shibarium has seen a significant surge in activity, with daily transactions more than tripling from 3.2 million on March 30 to 4.51 million by April 28, according to Shibariumscan.

Moreover, Shibarium is on the cusp of a massive 200 million milestone for total wallet addresses, currently standing at 199.3 million. This level is a strong indicator of growing adoption for the blockchain.

March also saw Shibarium cross $1 billion in total transaction volume, cementing its position as one of the most active L2s in the cryptocurrency domain.

In other news, large SHIB transaction volume soared by 28.7%, with the number of $100,000 transfers increasing from 86 to 99 in just 24 hours, as reported by blockchain analytics firm IntoTheBlock.

Despite the surge in large transactions, daily active addresses on the Shiba Inu network dipped by 8.7%, which could indicate a shift toward larger holders or institutional activity in the token.

As reported by U.Today, the majority of Shiba Inu tokens are held by long-term investors who bought the token during the 2021 bull market at higher prices. At present, the largest portion of SHIB, amounting to 533.08 trillion, is held by 133,340 wallets within the $0.000015–$0.000019 price range. The average entry price for these wallets is $0.000017.

This level will serve as a crucial determinant of Shiba Inu's next major directional move. A breakout above this range could propel the token towards the next resistance zone at $0.000023. Conversely, a failure to hold support at $0.000015 could lead to a steeper decline towards the $0.00001–$0.000014 support zone.

The post Shiba Inu faces key resistance level as Shibarium hits new milestones appeared first on Chain Teller.

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The post Shiba Inu faces key resistance level as Shibarium hits new milestones appeared first on Chain Teller.

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