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The Shiba Inu price jumped 7% in the last 24 hours to trade at $0.00002707 as of 6:00 a.m. EST on trading volume that increased 2.4% to $1.77 billion.
SHIB price’s increase in the last 24 hours comes after several days of correction, finally finding a bottom at around $0.0000255. Now, the popular meme coin is trying to breach a resistance at $0.000028.
SHIB’s price increase started only a short while after Gate.io announced that Shiba Inu’s governance token, $BONE, became available for margin trading. BONE plays a big role for Shiba Inu’s community, allowing its holders to vote on various issues within the Shiba Inu ecosystem.
Woof! Did someone say BONE appétit? $BONE margin trading is now LIVE on @gate_io Ready to maximize your gains? just remember, trade responsibly! #SHIBARMY https://t.co/85ixB3b2e4
— Shib (@Shibtoken) March 21, 2024
And, while it is a different crypto from SHIB itself, it still belongs to the same ecosystem and is closely connected to SHIB. As a result, BONE’s new use case likely had a positive impact on the project’s main coin.
Shiba Inu Price Prognosis
While SHIB’s price has seen a big jump up in the last 24 hours, it is worth noting that a number of technical indicators suggests that this increase is unlikely to last. Fundamental factors such as BONE token’s listing for margin trading or Bitcoin pulling up the prices with its own recent recovery can only do so much in a market that has recently turned bearish.
Looking at Shiba Inu’s technical indicators such as Bollinger bands tells a different story. While the bands saw a widening during the surge yesterday, they have since started another rapid narrowing. This is a bearish signal that most likely suggests the arrival of a new price correction.
Similarly, the token’s Relative Strength Index (RSI) value has dropped in the last 24 hours, suggesting that the buying power is weakening and that traders already moved to take profit. The RSI value has dropped to 50.56, which means that it is in the neutral zone right now.
As such, it can go either way, which will depend on traders’ behavior in the hours and days to come. With it in the neutral zone, the RSI can move on either up or down, meaning that this is a period of uncertainty, when it is unclear what will happen next. But, in combination with other indicators, such as Bollinger bands, it is implied that the price will drop in the short-term.
If this happens, SHIB could sink back to $0.000025 — a support that managed to hold it from sinking further even during the harshest moments in the past seven days, when the bears drove the price down from the token’s two-year high.
If the situation happens to turn, and SHIB ends up in another rally, it would first have a resistance at $0.000030 to breach before proceeding further. However, given that the market is strongly dominated by Bitcoin and its performance, and that the coin is likely correcting ahead of the halving, it is unlikely that a new powerful surge will take place in the near future.
Promising Alternative to Shiba Inu
While SHIB’s price increase shows that meme coin mania is not over, this is not the only cryptocurrency worthy of traders’ and investors’ attention right now.
One great alternative is a token called Smog (SMOG), a dragon-themed meme coin that’s gained huge popularity, not least because it’s promised the “Greatest Airdrop in History.”
Airdop Season One ends in 13 days, so now is the time to join and earn XP for giveaways estimated at about $1 million.
The token can be purchased in exchange for ETH and USDT, or you can buy it via credit or debit card. The token can be stored in MetaMask, Wallet Connect, or Coinbase Wallet.
The best place to buy SMOG is on its official website here, where there is a 10% discount for a limited time.
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