• Shiba Inu (SHIB) has experienced a 32% price surge over the past 30 days.
• The token faces competition from Shiba-themed meme coins like Shiba Memu, which has raised $1.7 million in its ongoing token presale.
• SHIB must break through the resistance at $0.00001 for it to make good its bullish potential, but this is further supported by the 200-day MA.
Shiba Inu Price Surge
Shiba Inu (SHIB) has experienced a 32% price surge over the past 30 days, offering meme coins traders and investors a reason to smile. This upward momentum is not solely due to prevailing positive sentiment in the crypto market, as there are a number of other factors that have contributed to this surge in value.
Competition From Shiba Memu
Shiba Inu is facing stiff competition from new Shiba-themed meme coins like Shiba Memu, which has raised over $1.7 million in its ongoing token presale. Dogecoin (DOGE) and PEPE are also competing with SHIB for market share and investor attention.
Resistance at $0.00001
At press time, SHIB’s trading price was around $0.00000998 and had demonstrated an overall rising trend of 19 % in the last seven days despite some drops along the way. However, SHIB must break through the resistance at $0.00001 for it to make good its bullish potential, but this is further supported by the 200-day MA creating a strong counterforce to any upward trends of SHIB trying to breach this level of resistance .
MACD & RSI Analysis
The bullish pressure on the market is further increased by the MACD line crossing above the signal line, although the RSI is moving closer to the overbought zone; usually indicating that buyers may be close to reaching their limits or growing less interested in buying more tokens at these prices..
Conclusion
While SHIB might have some trouble breaking through the $0.00001 level and could drop much lower to 50-day MA area before making an attempt again, any significant surge above this price level might push SHIB higher towards all time highs of 0x BTC per unit as seen during mid May 2021