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The Shiba Inu price has plunged 14% in the last 24 hours to trade at $0.00003198 as of 7 a.m. EST on a 60% drop in trading volume to $4.7 billion.
SHIB’s fall comes amid a broad selloff in the meme coin sector after a surging rally fired by Bitcoin’s pump to a new all-time high.
The Shiba Inu Price: Buyers Gearing Up For Another Bull Rally?
The Shiba Inu price indicates a gradual uptrend after experiencing an extended period of consolidation. During this time, a support zone was formed at $0.00001030, which aided the bulls in driving the price upwards.
Yet, the bulls encountered resistance when the price reached the $0.00004512 level, resulting in pressure from the bears, pushing the price down to $0.00002853. This formation has created a bullish pennant, indicating a continuation of the bullish trend.
The bulls have shown resilience, rebounding twice as they gather forces on the $0.00002853 support level to initiate a bull rally above the bullish pennant.
The price trades above the 50-day and 200-day Simple Moving Averages (SMAs), which currently support the price. The moving average cross at $0.00001040 affirms the generally bullish outlook for Shiba Inu price.
The Relative Strength Index (RSI) also indicates a downtrend as it consolidates on the 50 midline level. A rebound from this level could see the RSI surge back to the overbought region, indicating intense buying pressure for the Shiba Inu price.
The Shiba Inu Price Bulls Target $0.00006288 Mark Above The Pennant
Shiba Inu price is a bullish bias as the bulls aim to push the price to the $0.00006288 mark. The support zone at $0.00002863 and the golden cross at $0.00001040 support further upside potential. If the momentum sustains strongly, a breach above this level could see SHIB reach a new all-time high in the upcoming weeks.
Conversely, the RSI being in the overbought region could trigger a potential price correction. This might encourage the bears to take control and drive the price down, forcing the bulls to retreat to the $0.00001216 support zone.
As Shiba Inu traders await favourable new entry positions, some investors are being drawn to the new eTukTuk token, which is opening doors to a greener future in transportation with its $TUK token presale.
Go Green With eTukTuk Token
eTukTuk is an innovative transportation initiative with eco-friendly ambitions and the potential to bring positive change to developing nations. Its presale has already amassed over $1.78 million.
The project is dedicated to assisting TukTuk drivers in developing countries of South Asia and Africa in a bid to address issues related to carbon emissions, improve public health, and promote financial inclusivity.
"Breakout crypto eTukTuk is working on improving urban transportation in developing nations with electric vehicles and blockchain technology." – @cryptonews
Read more here: https://t.co/7hr62WePzm
— eTukTuk (@eTukTukio) February 8, 2024
To this endeavour, the project team aims to revolutionize transport with AI-powered electric tuk-tuks (compact three-wheeled vehicles) and blockchain-supported environmentally friendly charging stations.
1/ Buckle up!
The automotive industry is on the brink of an electric revolution.
From US $278.7 billion in 2022 to an astounding US $72,798 billion by 2050, the Global EV Market is not just growing; it's rewriting the rules of the road 🌐🔋 pic.twitter.com/gwH9G8fk81
— eTukTuk (@eTukTukio) March 5, 2024
The TUK token serves as the core of this ecosystem, driving various functions from AI-driven efficiency enhancements to predictive maintenance.
Earn Rewards Through Staking And Play-To- Earn
The development team has an exciting roadmap that includes the introduction of a play-to-earn (P2E) game. In this game, players will transport passengers to various destinations on the bustling streets of Sri Lanka, earning $TUK tokens upon successful completion of missions.
eTukTuk also offers a staking program with yields of up to 138% for early investors.
Introducing Buy and Stake mechanism, get $TUK tokens and instantly stake them, initiating a dynamic APY.
Early stakers enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair, enticing incentive structure for all. 💫 pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
Alessandro De Crypto, a crypto analyst and Youtuber, says that eTukTuk has the potential to experience significant growth upon its launch.
https://youtu.be/xZ_0oB23xvs
Investors interested in tapping into eTukTuk’s growth can buy TUK tokens for $0.02775 each. If you are interested, buy soon because the price will increase in about six days, or sooner if the stage sells out.
Visit the official eTukTuk website to buy TUK tokens. You have the option to exchange BNB or USDT for TUK tokens, or you can buy them directly using your bank card.
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