Shiba Inu Price Struggles to Break Resistance
The price of Shiba Inu (SHIB) has been trading within a narrow range below the $0.00000750 level since September. The lack of volatility and reduced range of oscillation in candlestick bars indicates increasing overhead pressure for SHIB. To move higher, the meme coin needs to overcome resistance, particularly the 50-day Exponential Moving Average (EMA), which is currently 5% above its current levels.
New Partnership with Welly Excites Shiba Inu Ecosystem
The Shiba Inu ecosystem has welcomed a new partner named Welly, which has garnered attention from SHIB lead Shytoshi Kusama. Welly is an Italian fast food restaurant that will support the SHIB community and the Shibarium blockchain. Both ecosystems will work together to manage Welly’s operations, including customer loyalty programs and food-related incentives. The SHIB community played a role in shaping and refining the concept of the restaurant.
Other Positive Developments for Shiba Inu
In addition to partnering with Welly, the Shiba Inu ecosystem is celebrating the first anniversary of Shiba Eternity, a Shiba Inu CCG game. A new tournament series is also in the works to commemorate this milestone. Furthermore, Kusama recently met with the AI team behind Bad Idea to discuss AI initiatives for Shiba Inu.
Shiba Inu Price Outlook
Currently, the price of Shiba Inu is $0.00000720, experiencing a 0.4% decline in the past 24 hours. Trading volume has also decreased by 15%, indicating waning investor interest in the token. Momentum indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO) suggest a bearish outlook for SHIB.
If momentum continues to fade, bears could push the price of Shiba Inu lower, potentially testing the immediate support at $0.00000690. In a worst-case scenario, the losses could extend further to test the midline of the demand zone at $0.00000673, indicating a solidified downtrend. On the other hand, increased buying pressure could drive SHIB higher, breaking the 50-day EMA and potentially reaching the supply zone at $0.00000793.
Consider an Alternative: Meme Kombat
If you’re looking for an alternative to Shiba Inu, consider Meme Kombat (MK). MK is the cryptocurrency behind a stake-to-earn project tailored for gaming enthusiasts. The project is currently in its presale stage and has already recorded significant growth. Analysts believe that Meme Kombat has the potential to outperform other meme coins in the industry.
Hot Take: Shiba Inu Faces Resistance as Bulls Hope for Breakthrough
The price of Shiba Inu is struggling to break through resistance levels and faces increasing overhead pressure. However, positive developments within the Shiba Inu ecosystem, such as the partnership with Welly and upcoming events like the Shiba Eternity tournament series, could potentially drive fresh gains for SHIB. Despite its current challenges, Shiba Inu remains an intriguing investment option in the crypto market.
By
By
By
By
By