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The Shiba Inu price soared 14% in the last 24 hours to trade at $0.00002857 as of 4:30 a.m. EST on trading volume that surged 13% to $2.46 billion.
The token’s surge in the last 24 hours comes after a week-long correction that sent SHIB tumbling more than 17%.
Today’s SHIB pump may in part be due to the recently launched Shib News Daily — a brand new news site for its community to follow and stay updated regarding all new developments about Shiba Inu and other digital assets.
Shiba Inu Price Prognosis
While Shiba Inu’s surge brought the token to $0.00030 in the last 24 hours, the token also saw a mild correction, followed by another attempt to go up. However, from the technical standpoint, there are some signs that suggest that the token might soon see a stronger correction in hours and possibly days to come.
The first thing to consider is the fact that Bitcoin, which led the market rally, has seen a correction itself, going from over $72k to just above $67k as of right now. This means that the coin’s market dominance is likely to pull SHIB back from the new heights.
Apart from that, the token’s Bollinger bands have also started to narrow, which is typically a bearish signal, suggesting that the price might soon start to drop.
The token’s Relative Strength Index (RSI) value has also dropped after hitting an overbought zone, reaching a more neutral area, from where it started to go up again, as can be seen in the chart above.
This means that some traders have taken profit, and the move has had an impact on the price. Now, some of the traders have seemingly moved to buy the dip, causing this minor growth of the RSI value.
Despite this, short-term metrics show that the market sentiment is bearish, suggesting that it is time to sell.
Moving forward, the token has a resistance at $0.000029 to breach before its price returns to $0.000030. However, if the price were to drop, it would have a strong support at $0.000028 to keep it from sinking further low.
In the event that this level breaks, however, another strong support sits at $0.000024, which is also the support that stopped SHIB’s week-long correction late on March 16.
Promising Alternative to Shiba Inu
Sponge V2 (SPONGE) is currently one of the biggest and most promising alternatives to Shiba Inu. Originally launched as Sponge (SPONGE) in 2023, the first version of the project saw a massive 100x pump after launch during a bear market.
Its team decided to discontinue the project and start anew, making Version 2 even larger and better.
$0.0045 next? 👀🚀 $SPONGE
— $SPONGE (@spongeoneth) March 14, 2024
With that being the case, the project’s community expects to see an even bigger pump from Sponge V2. All V1 tokens are being bridged to the new version, and the project is allowing customers to stake them for an annual percentage yield of 421% on Polygon.
So far, the total amount bridged and staked exceeds $30.5 million, and the figure continues to rise each day. While some are simply bridging their V1 tokens, others are buying Sponge V2 directly, which can be done in exchange for ETH or USDT. The token is selling for $0.002925, which is 11,700% higher than the price of V1 at the time of launch.
The promise of V2 seeing a similar, if not bigger surge is what continues to drive investors toward the project, especially when it comes to those who missed the 2023 pump. With rumors of listings soon on multiple top-tier exchanges, now looks like a great time to buy.
Visit the SPONGEV2 presale here.
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