Bitcoin with a dog theme Shiba Inu (SHIB) is about to confront a critical key test after pausing a retreat that started at the beginning of the week.
SHIB hit intraday highs of $0.00000899 at press time on Wednesday, but it stopped short of the $0.000009 level in trade. Shiba Inu had losses for three days in a row and reached the critical support level at $0.0000084.
This level is significant because it may serve as a basis for the price of Shiba Inus at this crucial level, and if it holds, it may even spark a new upward trend. Considering that SHIB twice recovered from this critical level in January, this is imperative.
Nevertheless, the formation of the bullish cup and handle pattern on Shiba Inu’s daily chart suggests that the company’s future is inclined upward. A technical price chart known as the “cup with handle” is shaped like a cup and handle, and it is frequently characterised by a period of consolidation that is followed by a breakout.
If this is the case for Shiba Inu, bulls would face a formidable 240 trillion SHIB barrier, the victory of which may result in the SHIB price erasing a zero and locking in almost 80% of the gains.
The next barrier from where SHIB now trades, according to IntoTheBlock statistics, is between the $0.000009 and $0.000014 levels, when 347,430 addresses purchased 240.59 trillion SHIB at an average price of $0.000011.
As of this writing, SHIB was trading at $0.00000891, up 4% over the previous day.
Shiba Inu receives innovations and upgrades
Blockchain Explorer Blockscout said in a recent tweet that it has introduced a “DAppscout” for the Shibarium Mainnet, which would facilitate users’ access to Shibarium dApps.
Welly’s fast food restaurant, a Shiba Inu partner, has also announced the exciting news that it has created a bot on Shibarium that records daily sales. As a result, Welly holders would be able to monitor on the blockchain how well their physical businesses are performing.
Additionally, Shibarium plans to implement a transformational token-burning mechanism. For testing purposes, the burn process on the Shibarium testnet Puppynet will change to an automated method starting in January.
