Shiba Inu Price Hits Resistance, But This New Coin Presents Opportunity for Higher Gains
Since March 2023, Shiba Inu has maintained a steady decline, marked by a resistance trendline, and closing in a death cross. This downward trend was driven by a notable overhead resistance at the $0.000012 level, leading to a 43% decrease in value by June 2023.
However, there are indications that the bearish phase has reached its limits as Shiba Inu's prices have initiated a bullish reversal at $0.000006677. This shift reflects an increasing positive sentiment surrounding the meme coin, bolstered by support from the SHIB Army.
Ongoing Trends of Shiba InuPropelled by improved market sentiment and growing demand, the Shiba Inu coin's price is positioned to exceed the $0.00001 threshold in the upcoming week. Positive outlooks are supported by forecasts pointing to a potential rise to $0.00001177 by the end of August.
Conversely, a drop below the $0.0000090 mark could trigger a reevaluation of the support trendline, potentially leading to an 8% downturn.
SHIB's price is still attempting to surpass and stay above the $0.00001 mark but keeps facing opposition from sellers. Over the past 24 hours, the token has witnessed gains of 2% despite the bearish look of the broader market.
Today, SHIB's price stands at $0.00001009. However, while its trading volume does not reflect these positive strides, it has slightly improved in the last 24 hours. Notably, it holds a trading volume of more than $260 million.
Also, over the past week, SHIB's price has remained green, with a surge of over 17.30%.
Shiba Inu Price Prediction As Resistance Level Hinders Further Growth
While SHIB's price has exhibited significant upward movements, it is still battling to break past the resistance around the 200-day moving average. The market opposition shows the strength of sellers in this position.
However, market signals suggest the bears could give in to the bulls' attempt to push SHIB's price above the $0.00001 mark. This is particularly true given that the token's price remains significantly above the 50-day MA, with the MACD line standing over the signal line.
Moreover, the Relative Strength Index (RSI) at 68.56 reflects the bulls' heightened presence on the market. This is also supported by the multiple green bars formed on the histogram.
SHIB's Resistance and Support Levels
Should the buyers' progress continue, SHIB may see its price surge to the resistance position around $0.00001177 in the coming weeks.
Nonetheless, if the resistance level at $0.00001 reverses SHIB's price, the next possible price point could be the base level around $0.00000968. This downward move would represent a 3.87% decline in its value, as shown in the chart.
The analysis concludes that SHIB's price is getting much support from buyers regardless of the resistance levels at $0.00001 and from the 200-day MA. As such, investors and traders can expect its price to surge from this position.
Factors That Could Influence a Shiba Inu RallyOver the past seven days, SHIB has showcased stronger performance than most prominent assets, including Bitcoin (BTC), Ethereum (ETH), and XRP, with a modest price increase of less than 1%.
This has prompted investors and enthusiasts to contemplate potential entry points as the project's new developments unfold.
The ongoing upward trend can also be attributed to Shiba Inu lead developer Shytoshi Kusama's announcement on July 31. In his statement, Kusama indicated that the Shibarium launch is rapidly approaching, necessitating the action to mint the remaining BONE supply and renounce its contract."
It's worth noting that Shytoshi Kusama, the lead developer of Shiba Inu, previously revealed plans for the newly introduced Shib Self-Sovereign Identity in an August 6 blog post.
The development team aims to discuss and potentially unveil Shibarium, the highly anticipated layer two technology, at the ETHToronto and ETHWomen hackathons scheduled for August 2023 in Canada.
The hype around these events has proven effective in driving the token's price upward. Should this development become successful, SHIB may see its price increase significantly in the coming days.
This Shiba Inu Alternative, Shibie Coin, Is Grabbing Massive Investor Attention
Amidst the ongoing SHIB ecosystem developments, the cryptocurrency community is now pivoting toward the latest entrant in meme coins - Shibie (SHIBIE).
This freshly introduced token ingeniously merges the beloved Shiba Inu, an iconic canine figure within the meme coin realm, with the captivating allure of Barbie. It bears mentioning Barbie is a character that has recently captured hearts following the triumphant release of the Barbie movie.
Packed with creativity and promise, SHIBIE just inaugurated its eagerly awaited presale phase. It celebrated its epic entrance with an impressive funding sum exceeding $330,000.
This milestone brings SHIBIE closer to its modest soft cap of $500,000. Given the enthusiastic response from investors, this presale could reach and surpass its goal within a few days.
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