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The price of Shiba Inu has moved very little over the past few weeks, remaining stuck in a deadlock. SHIB has attempted to move outside its current trading range but has struggled to gain momentum, causing unease among investors and traders.

Current Trading Range

SHIB is currently stuck in a small trading range, with its price hovering around $0.0000134. The 200-day and 100-day exponential moving averages (EMAs) serve as resistance levels at $0.00001813 and $0.00001597, respectively. A potential upward trend may follow if SHIB breaks above these levels, signaling an end to the prolonged stagnation. On the downside, support at $0.00001200 remains crucial, as falling below this level could lead to deeper corrections and prolong the current impasse.

On-chain indicators reveal a lack of significant buying interest, consistent with mixed overall market sentiment around SHIB. Traders are cautious, awaiting a clear directional move before committing to new positions, resulting in relatively low trading volume.

Bitcoin Resistance

The 50-day exponential moving average at $61,000 represents significant resistance for Bitcoin. After four failed attempts to break through this level, concerns arise about potential inactivity in Bitcoin’s price movement. The difficulty in surpassing this resistance may indicate weakening upward momentum, placing Bitcoin in a small trading range. The broader market’s complexity and unpredictability exacerbate this situation, with weak buying interest and decreased trading volume contributing to the resistance challenge.

Ethereum Transaction Fees

Ethereum’s transaction fees have dropped to their lowest point in five years, raising worries about a potential fundamental crisis. Recent charts indicate an increase in ETH supply by 58,292 ETH over the last 30 days, with an annual issuance rate of 939,000 ETH. However, the burn rate, crucial for limiting supply, has decreased to 229,000 ETH annually, resulting in a net annual supply growth of 0.59%. This decline could undermine Ethereum’s value proposition, focused on deflation since transitioning to Ethereum 2.

Low transaction costs may benefit short-term users but diminish incentives for validators, ultimately compromising the network’s security and stability. If this trend continues, Ethereum’s fundamental elements, such as network security and scarcity, may be jeopardized, potentially leading to stagnation or decline. The ongoing drop in fees and burn rate presents a challenge that needs addressing to preserve Ethereum’s market dominance.

This article was originally published on U.Today.