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The Shiba Inu price plunged over 10% in the last 24 hours to trade at $0.000009528 as of 6 AM EST as trading volume jumped 120%.
Before the drop, SHIB was relatively stable, trading around the resistance level ranging from $.0000105 to anto00000110. However, the drop did not come because SHIB itself was rejected.
Instead, it was led by a similar drop in Bitcoin’s price. The largest cryptocurrency went from $45k to $41k during the same period, and while BTC saw a recovery to a resistance at $43k since then, SHIB’s recovery was slower and less impactful.
Shiba Inu Price Prognosis
While Shiba Inu price’s 10% drop came after the coin’s relatively stable weekly performance, there is reason to believe that the worst is behind it and that SHIB will likely recover shortly.
Specifically, one of the most vital technical indicators, the token’s Relative Strength Index (RSI) score, shows that SHIB has recently entered the highly oversold territory.
Since then, the token’s RSI returned to the neutral area, but it could still develop a strong momentum from those who moved in to buy the dip.
Furthermore, it is pretty standard for a price that sees a sharp change, regardless of the direction, to move equally sharply in the opposite direction.
For now, the token’s Bollinger bands remain pretty narrow, especially compared to the widening seen during the price drop. However, with the token trading around the lower bands at the time of writing, it will likely be reversing course in due time.
Promising Shiba Inu Alternative
Right now, one of the most promising Shiba Inu alternatives is a token called Sponge V2. Initially, the token launched its V1 in mid-2023, emerging onto the market for $0.00007401 and skyrocketing to $0.001044.
Currently, the token bridges V1 to V2, allowing users to stake their SPONGE and earn SPONGE V2 in return. Alternatively, users can buy and stake SPONGE V2 directly.
A total of $1.88 million has already been raised with the current price at $0.000556. The official website notes that SPONGE V1 launched at a price of $0.000025, and has soared 2,227% to $0.000557.
https://twitter.com/spongeoneth/status/1740326784665522450?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1740326784665522450%7Ctwgr%5Ebe1a0de07404743f6a3a935177e4e8e8bc684bcf%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Finsidebitcoins.com%2Fnews%2Fhow-sponge-v2-will-dominate-the-crypto-scene-at-launch-a-potential-100x-surge-incoming
Anyone interested in buying Sponge V2 can do so in exchange for USDT or ETH or purchase it via credit/debit card.
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