• The value of Shiba Inu (SHIB) has surged by 32% over the past 30 days due to a number of factors, including the upcoming Shibarium.
• SHIB is facing stiff competition from new meme coins such as Shiba Memu and PEPE.
• For SHIB to make good its bullish potential, it needs to break through the resistance at $0.00001 which is further supported by the 200-day MA.
The value of Shiba Inu (SHIB) has surged by 32% over the past 30 days due to a number of factors, including the upcoming Shibarium. However, SHIB is currently facing stiff competition from upstart meme coins like Shiba Memu and PEPE. To make good its bullish potential, SHIB must break through the resistance at $0.00001 which is further supported by the 200-day Moving Average line (MA).
Current Price Performance
At press time, SHIB’s trading price according to information from CoinGecko was $0.00000998. The token has demonstrated a rising trend of 19 % in the last seven days and gained 1% today at time of writing. It also experienced a huge rise of 5.75%, reaching $0.00001005 two days ago after hitting a low of $0.0000947 – indicative of an ongoing recovery pattern in its price performance.. Additionally, its price has remained well above both 50-day and 200-day MA lines, reflecting active buyer activity in the market as well as increased bull pressure with MACD line crossing above signal line although RSI moving closer to overbought zone.
Competition From Other Meme Coins
Besides arch rival Dogecoin (DOGE), Shiba Inu is also facing stiff competition from new meme coins like PEPE and Shiba Memu (SHMU), which is currently in its presale phase having raised over $1 million thus far.. The success seen by these tokens can significantly impact SHIB’s price performance going forward; especially if their users start swapping them out for SHIB or vice versa instead of just HODLing them as they do with DOGE often times..
Breaking Through Resistance at $0.00001
For Shiba Inu to make good on its bullish potential, it must beat this resistance at $0 00001 which is further supported by 200-day MA creating strong counterforce against upward trend of token’s price movement . Although breaking through this level might not be easy for it , any significant surge above this point could push prices much higher than current levels .
In conclusion , it will be interesting to see how things play out for SHIB amid intensifying competition from other meme coins . Breaking through resistance at 0 00001 could pave way for even more gains in future but there are no guarantees that this will happen . Investors should always exercise caution when entering into any kind of investment regardless how promising they may seem .