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 <p>The second most prominent meme coin is trading at $0.00000796, down 3.2% in 24 hours. The sell-off has seen the trading volume rise to $133 million with a dip in the market capitalization to $4.6 billion.</p>  
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 <h2 id="shib-price-wobbles-in-search-for-support">SHIB Price Wobbles In Search For Support</h2> 
 <p>The rain has continued to beat Shiba Inu investors since the&nbsp;pre-<a rel="noopener noreferrer nofollow" title="Shibarium" href="https://thebittimes.com/tag/shibarium.html">Shibarium</a> upgrade rally&nbsp;to $0.000011. Instead of a rally post the much-awaited launch, investors were forced to absorb the losses caused by scalability issues that forced developers to pull the protocol down.</p> 
 <p>Shiba Inu live price&nbsp;lost support at $0.00001 before taking a breather at $0.00008. Following a week of consolidation, the downside suffered another blow which weakened the immediate buyer congestion zone.</p> 
 <p>Now, SHIB price is expected to flip $0.000008 into support again to allow for fresh momentum to build for gains above $0.00001 to follow.</p>  
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 <figure id="attachment_158195" aria-describedby="caption-attachment-158195" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-158195" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201233%20555'%3E%3C/svg%3E" alt="SHIB price chart" width="1233" height="555" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/01/e4e1986dfc6a96063ec38591c1a45234.webp"> 
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    SHIB/IUSD daily chart | Tradingview 
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 <p>Investors are likely to start booking new long positions in SHIB as long as they are convinced that another sell-off won’t trim their holdings below the lower ascending trendline. In case declines extend below this crucial level, traders may start increasing exposure to short positions, targeting support at $0.000007 and $0.0000064.</p> 
 <p>Although the Moving Average Convergence exhibits a bearish outlook, a buy signal is in the offing. Therefore, it might be prudent to hold still until SHIB resolves the stalemate before committing to either buying or selling it.</p> 
 <p>The path with the least resistance will flip toward $0.00001 if the MACD line in blue crosses above the signal line in red.</p>  
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 <p>Traders must ensure the momentum indicator is moving in an upward direction on top of the buy signal to ascertain the validity of the uptrend. Key milestones in the run-up to $0.00001 are the support/resistance at $0.000008, the upper dotted trendline, and the 200-day Exponential Moving Average (EMA) (purple) at $0.000092.</p> 
 <h2 id="shibarium-hits-new-milestone-with-over-600k-wallets-created">Shibarium Hits New Milestone With Over 600k Wallets Created</h2> 
 <p>Shiba Inu’s layer two (L2) solutions protocol, <a rel="noopener noreferrer nofollow" title="Shibarium" href="https://thebittimes.com/tag/shibarium.html">Shibarium</a> has continued to hit key milestones since its second debut earlier this week. Based on the&nbsp;<a rel="noopener noreferrer nofollow" title="Shibarium" href="https://thebittimes.com/tag/shibarium.html">Shibarium</a> explorer, wallets already created have surpassed 600k and are likely to hit 1 million in a few days.</p> 
 <p>So far, the <a rel="noopener noreferrer nofollow" title="Shibarium" href="https://thebittimes.com/tag/shibarium.html">Shibarium</a> protocol has processed more than 705k transactions with 5 seconds of average block time and boasts over 401k in total blocks.</p> 
 <figure id="attachment_158196" aria-describedby="caption-attachment-158196" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-158196" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201257%20498'%3E%3C/svg%3E" alt="Shibarium blockchain explorer" width="1257" height="498" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/01/a5379414fb8bcbc856493c75c08d8f17.webp"> 
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    Shibarium blockchain explorer 
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 <p>Although&nbsp;<a rel="noopener noreferrer nofollow" title="Shibarium" href="https://thebittimes.com/tag/shibarium.html">Shibarium</a>’s launch&nbsp;started amid challenges, developers worked hard to bring it back online. The protocol, backed by tokens in the ecosystem is expected to be a game changer and even contribute to the token burn program.</p> 
 <p>The Shiba Inu community is among the crypto projects focused on reducing the massive circulating supply to improve the tokens’ supply and demand dynamics for a potential rally during the next bull market.</p> 
 <p>With the kind of adoption and interest <a rel="noopener noreferrer nofollow" title="Shibarium" href="https://thebittimes.com/tag/shibarium.html">Shibarium</a> is getting, it is a matter of time before the community starts to see the benefits of holding SHIB long-term.</p> 
 <h3 id="related-articles">Related Articles</h3> 
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  <li>ETH Price Tanks Over 3%, 143,000 Ethereum Options to Expire Today</li> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/shib-price-technical-structure-weakens-but-bull-run-is-nigh-tbt61191.html">https://thebittimes.com/shib-price-technical-structure-weakens-but-bull-run-is-nigh-tbt61191.html</a></p>

SHIB Price Technical Structure Weakens But Bull Run Is Nigh

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