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The Shiba Inu price surged 23% in the last 24 hours to trade at $0.00001383 as of 03:20 a.m. EST on trading volume that soared 19% to $775 million.
The SHIB bounce comes as the crypto market rebounds from a market crash that was triggered by interest rate concerns, worries over a recession in the US, and rising geopolitical tensions centered on the Middle East.
But that seems largely forgotten today as the meme coin sector’s market cap soars 15% to $37 billion.
Shiba Inu Price On A Sustained Bullish Trend Reversal
The recent market decline saw the Shiba Inu price shed 31% from the beginning of August to as low as $0.0000113 yesterday, according to data from GeckoTerminal. SHIB has been dropping within the falling channel pattern.
Despite the recent drop below the channel, the price of Shiba Inu has rebounded from below the lower boundary of the channel to trade slightly above the upper boundary.
The surge has now pushed SHIB above the 50-day Simple Moving Average (SMA) level at $0.00001307, confirming the bullish stance in the short term. If this momentum continues, the Shiba Inu Price will eventually surpass the 200-day SMA, which acts as the immediate resistance level at $0.00001513.
Moreover, the Relative Strength Index (RSI) is trading upwards towards the 70-overbought region, currently at 61, an indication that buyers have the upper hand.
The Moving Average Convergence Divergence (MACD) also shows that the token is currently in a sustained bullish trend, as the MACD now soars past the neutral line. The blue MACD line is also crossing above the neutral line, representing a bullish crossover.
A bullish crossover, with the green bars on the histogram rising above the neutral line, indicates that SHIB is currently in positive momentum.
Shiba Inu Price Prediction
According to the Shiba Inu price analysis on the 1-hour, SHIB is currently on strong momentum to the upside. The Shiba Inu price has finally surpassed the upper boundary of the falling channel, signaling the start of a bullish stance to the upside.
If the bulls keep pushing the token up, they could push the tokens, as they target $0.00001712.
However, if the bears take control of the price at this level, Shiba Inu could retest the previous support zone at $0.0000113.
As the SHIB price surges, so investors are pumping funds into a Shiba Inu alternative called Shiba Shootout (SHIBASHOOT), which has amassed over $881K in its presale.
According to the crypto channel 99Bitcoins, with more than 706k subscribers, investors who buy $SHIBASHOOT can earn “insane rewards.“
Shiba Shootout Presale Blasts Past $881K
Shiba Shootout is a unique meme coin project that transports its community to a Wild West-inspired digital frontier.
The project goes beyond the conventional limits of meme coins, taking the holder on a captivating adventure filled with creativity, strategic gameplay, and the allure of a cowboy’s high-stakes showdown.
Master #Crypto strategy with #Shiba cowboys in thrilling duels for big rewards! 🌟 Join the adventure!
Sign up now to get your free $SHIBASHOOT tokens!
Jump in the fun! 🚀 https://t.co/jCeu7XMBqR pic.twitter.com/YjlGaaluBT
— shibashootout (@shibashootout) June 28, 2024
The game is built around the town of Shiba Gulch, a bustling digital settlement that is a favorite with Shiba lovers who come together to challenge each other.
This all comes together in a play-to-earn (P2E) game that’s available on Google Play ?Store and the Apple App Store, though a big upgrade is coming that will allow players to earn $SHIBASHOOT tokens as rewards.
Apart from P2E crypto gaming in Shiba Gulch, $SHIBASHOOT holders can also easily earn passively through the platform’s staking mechanism, which offers a stunning 1,090% in annual rewards.
Step 1: How to become a millionaire 💸💡
Step 2: Buy $SHIBASHOOT 🚀📈#Shibashoot #Shibashootout #Memecoins #Crypto pic.twitter.com/C1SSZU2WKJ— shibashootout (@shibashootout) August 1, 2024
If you are interested to participate in the presale, you can buy the token for $0.0198 right now. But don’t wait too long as the price will increase in a little less than seven days.
You can buy SHIBASHOOT tokens on the official website here using ETH, BNB, USDT, or a bank card.
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