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The Shiba Inu coin price has jumped by 17.8% in the last 24 hours to trade at $0.0000272 as of 5:00 a.m. EST.
The SHIB price pump came amid a new eruption of meme coin mania after the Bitcoin halving, which has seen BONK, FLOKI, PEPE, and SHIB emerge as today’s top gainers.
Snap | Source: CoinMarketCap
International DOGE Day was also celebrated on April 20, providing another boost for meme coins.
Shiba Inu Coin Price Prediction: SHIB Retests Previous Resistance Levels
Looking at Shiba Inu charts, we notice that Shiba Inu had been trading within a consolidation area, where the price action experienced limited volatility and moved sideways.
Subsequently, there was a breakout from this consolidation zone, where the Shiba Inu price moved sharply toward previous resistance levels, attributing to today’s price surge.
The Shiba Inu price appears to have retested a previous resistance area as it shows signs of a pullback, as evidenced by the latest red candlestick patterns. These patterns suggest selling pressure.
Looking at indicators, we see the Relative Strength Index (RSI) is showing a value close to 80, which is in overbought territory. It is now headed back south suggesting an overextended market as holders now take profits, causing selling pressure.
The Awesome Oscillator (AO) shows diminishing green bars that have now turned red. This change in momentum indicates a shift from a bullish to a bearish sentiment among traders.
If the selling pressure continues, we could expect the price to fall towards the upper boundary of the previous consolidation area, potentially seeking support. However, should the Shiba Inu price find support at current or slightly lower levels, another attempt to break through the resistance area could be seen.
1-hour SHIB/USD Chart | Source: TradingView
Meanwhile, as the Shiba Inu price shows signs of downward movement, meme coin lovers might want to consider Sponge V2, which is offering a last chance to buy before it lists on top-tier exchanges.
A Promising Alternative?
Sponge V2 is the successor to Sponge V1, which chalked up 100x gains last year in a bear market. It was discontinued in early February as its developer sought to upgrade it via the new Sponge V2 token.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Sponge V2 is available on Polygon and Ethereum and offers staking returns of 164% on Ethereum and 348% on Polygon. More than 9.842 billion tokens have been staked so far.The project has also sped up the start of a fully decentralised Play-to-Earn (P2E) game.
Sponge V2 is ranked as a potential game-changer with 1000x potential, and Crypto YouTuber Jacob Bury says it is one of the best meme coins to buy now as he also predicts it has the potential to soar 1000x on launch.
The presale could end at any time, so if you are interested buy soon.
Visit the official Sponge V2 website to buy tokens here.
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