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The Shiba Inu price surged over 23% in the last 24 hours to trade at $0.00001907 as of 11:40 p.m. EST as investors rush to buy the meme coin.
Following the recent gain, the SHIB price is now up more than 34% on the weekly time frame and has risen more than 38% over the last 30 days.
The Shiba Inu Price About To Challenge The $0.00001951 Resistance
4-hour chart for SHIB/USD (Source: GeckoTerminal)
The Shiba Inu price soared above the major resistance level at $0.00001674, and is attempting to flip the next technical barrier at $0.00001951 into support. However, sellers seem to be exerting a lot of pressure on the meme coin’s price. This is evident by the wick present above the latest 4-hour candles.
Should bulls manage to overpower their bearish counterparts, SHIB could end up rising beyond the $0.00001939 mark and climb to the subsequent resistance at $0.00002210 in the following 24 hours.
On the other hand, the Shiba Inu price failing to cross $0.00001951 within the next 12 hours could stop the dog-themed token in its tracks and bring an end to its bullish phase. In this alternative scenario, some traders might start to realize their profits before the rest of the market adjusts. This potential sell pressure could result in SHIB retracing to $0.00001674.
In an extremely bearish case, the Shiba Inu price might end up losing the support of the recently-breached $0.00001674 mark. This could spook investors, causing them to dump the meme coin. SHIB might then plunge to as low as $0.00001516.
Technicals Warn The Shiba Inu Price Has Reached A Short-Term Peak
From a technical standpoint, indicators on SHIB’s 4-hour chart warn that the altcoin’s positive trend might have reached a climax. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators show signs that buying activity has stalled.
After climbing from the low 60s to the high 80s, RSI readings have leveled off in the last 24 hours. Although the high RSI values signal the presence of bullish strength, they also warn that SHIB is currently overbought. Traders generally see this as a sell signal, because high RSI readings suggest a crypto’s downside potential is greater than its upside potential.
MACD Histogram values have also stopped increasing, indicating that the gap between the MACD and MACD Signal lines has stopped growing. This could be an early sign of an upcoming reversal of SHIB’s bullish trend.
As SHIB’s momentum stalls, the opposite is true for meme coin rival Crypto All-Stars (STARS) as it passes $1.6 million in its presale.
Meme Coin Lovers Now Have A Single Platform To Stake All Of Their Tokens
Crypto All-Stars (STARS) is a unique meme coin project given its high degree of utility. This is achieved through its innovative staking platform, which allows meme coin investors to stake a variety of popular tokens all on one platform. In addition to being able to grow their meme coin bags, investors also gain access to potential compounded rewards.
DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO can already be locked up on the Crypto All-Stars platform for passive rewards, and more meme coins will be added in the coming weeks.
Any tokens that are staked by investors will generate rewards that are paid out in STARS. These rewards can then also be put to work to essentially compound investors’ returns. Anyone who stakes STARS itself will be eligible for a staggering 891% in annual rewards.
Popular YouTuber ClayBro shared his bullish view on STARS in a video to his 130K subscribers. According to him, the meme coin could generate 29X returns for investors.
An Investor Frenzy Erupts Around STARS
Investors are rushing to buy STARS at ICO prices, which is evident by the impressive presale raise. With the high staking rewards, the potential to compound earnings, and the project’s meme coin appeal, it’s easy to see why investors are so bullish on the young meme coin.
There is still time left for anyone who wants to purchase STARS before it hits the open market. Selling for $0.0014652, STARS can be bought using either ETH, USDT, BNB, DOGE, SHIB, FLOKI, PEPE or bank card via the simple buy widget embedded on its website.
Once purchased, the tokens can then be staked through the website’s staking page for investors to start earning passive rewards.
Potential buyers who want to lock in the best rate will need to act fast. The token’s price is scheduled to increase with every new stage of its ICO and there is just over 1 day left before the next price hike.
Purchase and stake STARS here before its next price increase.
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