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The Shiba Inu price has soared 11% in the last 24 hours to trade at $0.00001874 as of 7:30 a.m. EST on a 173% pump in trading volume to $938 million
Shiba Inu Price May Encounter Resistance: Bearish Reversal Ahead?
The Shiba Inu price action reveals a “Head and Shoulders” pattern, signaling a possible bearish reversal. The pattern shows an initial price peak around $0.000925, followed by a rise to the Head’s peak at approximately $0.001020, marking the highest point.
Subsequently, the price declined, leading to the formation of the Right Shoulder, which reached around $0.000950 before pulling back again. If confirmed, this pattern could indicate a bearish reversal ahead.
The Neckline Support, marked at approximately $0.000880, is critical to watch because it connects the shoulders and head dips. If the price breaks below this neckline support, it would confirm the bearish reversal and could lead to a deeper decline.
SHIBUSD Analysis Source: Tradingview
Shiba Inu Price Approaches A pivotal Point: Can The Bulls Still Hold?
The Shiba Inu price is approaching a pivotal point as it tests resistance levels that could either trigger a bearish reversal or pave the way for a breakout. The chart shows two key moving averages: the 50-period moving average (green line) and the 200-period moving average (blue line). The price is currently hovering near the 50-period MA, a resistance zone around $0.000928.
Adding to the cautious sentiment, the RSI (14) sits at 57.82, indicating a neutral to slightly overbought zone. However, the recent downward shift in the RSI suggests a weakening of bullish momentum, and a dip below the 50 mark could confirm an intensifying bearish trend for Shiba Inu price.
If Shiba Inu’s price closes below the $0.000880 neckline support, it will validate a “Head and Shoulders” pattern, likely leading to additional declines.
Conversely, if the price sustains above the neckline and breaks past the right shoulder peak at $0.000950, the bearish scenario may not materialize.
Pepe Unchained Presale Storms Past $23 Million
Meanwhile, investors are going all-in on a new Shiba Inu rival called Pepe Unchained ($PEPU). Its presale has soared past $23 million as YouTube channel Bitcoin & Altcoins Price Analysis says it could deliver 1000x gains after it launches.
PEPU comes with its own Layer 2 blockchain, which is designed to liberate PEPE from its old, clunky Ethereum blockchain.
It will offer transactions up to 100 times faster than Ethereum and with gas fees that are significantly reduced.
As it is fully compatible with Ethereum’s dApps, PEPU will also enable users to benefit from increased speed while maintaining access to the Ethereum ecosystem.
PEPU will also open its blockchain to the rest of the meme coin space, creating a scalable framework that could bring crypto’s fun and lighthearted side into a whole new era.
Pepe's blockchain mastery is turning this big brain house, into a big brain home.
Cozy. 🥰🏡 pic.twitter.com/xMhHsYDV8Z
— Pepe Unchained (@pepe_unchained) October 24, 2024
A developer grant program called “Frens with Benefits” is also now open. It aims to attract talented developers to help build the Pepe Chain ecosystem.
PEPU holders can also stake their tokens for a huge annual return of 100%.
PEPU is currently priced at $0.01189 and can be purchased using ETH, USDT, BNB, or bank cards. The price will increase in less than two days, so buy now for the best rate.
Buy PEPU tokens on the official website here.
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