Crypto Industry News:
Shibarium, a blockchain platform layer on Ethereum, built specifically for Shiba Inu, is celebrating a major milestone - 10 million transactions.
The Shibarium is a place that aims to transform the Shiba Inu into a vast ecosystem. A network where SHIB is no longer just a meme, but a tool with real utility. The main implementation of the network - mainnet - is still waiting to be launched, but the creators are not idle. A few weeks ago, they launched a test network - Puppynet.
It has already reached 10.4 million transactions. At the same time, the network processed about 926,771 blocks. What's more, the network boasts over 15.8 million wallet addresses. The block production time is just five seconds. From mid-May, the number of daily transactions began to increase rapidly, exceeding an average of 300,000 transactions per day.
More activity means a higher rate of burning SHIB, which in turn translates into more and more usability of this meme coin. According to the latest data, over the last day the ecosystem has destroyed more than 40 million tokens. Despite this, the number of available SHIB tokens is still over 589 trillion.
Technical Market Outlook:
The ETH/USD pair has made the local low at the level of $1,740, so this level will work as the technical support level while the market is developing the horizontal trend. The recent breakout above the level of $1,847 ( range high) might trigger some bigger move to the upside soon. The momentum is strong and positive on the H4 time frame chart, however, it hit the extremely overbought levels. So far the intraday movement is limited to $1,871 and the next target for bulls is seen at $1,888.
Weekly Pivot Points:
WR3 - $1,848
WR2 - $1,826
WR1 - $1,817
Weekly Pivot - $1,803
WS1 - $1,795
WS2 - $1,780
WS3 - $1,758
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.