Shiba Inu Soaring: Price Predictions Amid Intense Meme Coin Competition
• Shiba Inu (SHIB) has seen a 32% surge in the past 30 days, due to positive sentiment and upcoming scaling solution Shibarium.
• Shiba Inu is facing stiff competition from new meme coins like Shiba Memu, which has raised over $1.7 million in its presale.
• For Shiba Inu to make good its bullish potential, it needs to break above the resistance at $0.00001.
Shiba Inu (SHIB) has seen a significant surge of 32% in its value over the past 30 days, giving meme coin traders and investors a reason to smile. The upward trend is not only due to prevailing positive sentiment in the crypto market but also other factors such as the upcoming scaling solution Shibarium which offers unique attributes.
Shiba Inu is facing stiff competition from both arch-rival Dogecoin (DOGE) and newcomer meme coins such as PEPE and Shiba Memu (SHMU). SHMU is currently in presale phase and has already raised over 1.7 million dollars.
At press time, SHIB’s trading price was $0.00000998 with a rising trend of 19% within the last 7 days. There have been signs of recovery after hitting lows of $0.0000947 two days ago with an increase of 5.75%, reaching $0.00001005 today continuing this bull trend by gaining 1%. SHIB’s price remains well above the 50-day and 200-day Moving Average lines showing active buyer activity while MACD line crossing above signal line further increases bullish pressure on market although RSI is moving closer to overbought zone area . To make good its bullish potential, SHIB needs to break through resistance at $0.00001 supported by 200 day MA creating counterforce against upward trend . There could be difficulty breaking through this level and SHIB might drop much lower towards area around 50 day MA before any surge higher can be expected .
Shiba Inu’s future prospects remain uncertain amidst intensifying competition from rival memecoins like Dogecoin and newcomers like PEPE & Shiba Memu which are all vying for attention from traders & investors alike . Despite having some difficulty breaking through resistance at 0 00001 , any significant rise above this mark may push prices higher & give SHIB bulls more reasons to cheer .