As Shiba Inu (SHIB) continues to make waves in the cryptocurrency space, trading at $0.000008 and with a 24-hour trading volume of over $208 million, it’s clear that the coin is gaining traction and has earned the 19th spot in terms of market capitalization, now valued at around $4.78 billion. With a circulating supply of 589.35 trillion coins and still yet to reach its total supply, the question arises: Is it the right time to invest in Shiba Inu?
From a technical analysis perspective, SHIB/USD presents a mixed picture. The coin’s pivot point is at $0.0000082, a crucial level for determining its immediate direction. It faces immediate resistance at $0.0000086, followed by successive resistance levels at $0.0000089 and $0.0000092. Conversely, support levels stand at $0.0000079, $0.0000076, and $0.0000073. The Relative Strength Index (RSI) for SHIB is currently at 41, indicating a bearish sentiment, and the 50-Day Exponential Moving Average (EMA) is at $0.0000083, also suggesting a bearish trend. The chart analysis reveals a downward trendline providing resistance at $0.00000860, coupled with a 50 EMA bearish crossover and a bearish engulfing candle pattern, both pointing to a selling trend.
In summary, the overall trend for SHIB/USD appears bearish, particularly if it remains below the $0.00000821 mark. The short-term forecast suggests that SHIB might test its immediate resistance levels. However, the market sentiment, as indicated by the technical indicators, leans towards a bearish bias. Investors and traders in SHIB should closely monitor these levels and indicators, as breaking through either the resistance or support levels could signal significant price movements for this meme-inspired cryptocurrency.
Traders looking for alternatives to Shiba Inu with high-return potential can explore newer meme tokens. A standout among these is Meme Kombat (MK), an ERC-20 cryptocurrency that has successfully raised $2.19 million in its token offering and is close to meeting its $2.5 million goal.
MK’s platform is designed to render real-time, entertaining battles between popular meme characters. Users will have the option to wager against each other or against the platform on the outcomes of these battles, with winnings distributed in MK, the platform’s native token. MK also offers staking opportunities, allowing users to earn a passive income along with any potential winnings. With the platform’s launch expected in the coming weeks, 1 MK is currently priced at $0.214 and is set to increase to $0.225 in just over two days.
In conclusion, whether investors and traders choose to invest in Shiba Inu or Meme Kombat, they should keep in mind the high-risk nature of trading cryptocurrencies and should closely monitor the relevant technical indicators.
