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The Shiba Inu price soared 80% in the last 24 hours to trade at $0.00003560 as of 00:14 a.m. EST on trading volume that surged 307% to $13.35 billion.
This comes as SHIB emerges as the top gainer and ranks among the top performers in the meme coin sector, rallying alongside its peers, including DOGE, PEPE, BONK, and FLOKI. The surge coincides with an ongoing meme coin mania, as tokens post double-digit gains on the daily frame and triple-digit gains in a week.
Shiba Inu Price Set For A Rebound Over The Bullish Pennant
The Shiba Inu price has breached the $0.000030 psychological threshold as the bulls sustain the bullish momentum to reach the $0.000045 resistance. However, the bears may have held control of the price, allowing SHIB to retrace and trade within the lower boundary of the bullish pennant.
SHIB is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the current bullish momentum.
Additionally, the Relative Strength Index (RSI) is currently above the 50-midline level at 54. If the bulls sustain the positive momentum, it could take the RSI to the overbought region, an indication of continued investor optimism.
The Moving Average Convergence Divergence (MACD) also supports bullish sentiments as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. A bullish crossover is often an encouragement for investors to take more buy positions, with the price set to soar even higher.
Moreover, the green bars on the histogram extend over the zero line, which indicates that the SHIB price is on a positive trajectory. The Average Directional Index (ADX) is above level 20, currently at 46, which shows that SHIB is currently on a very strong bullish trend.
Shiba Inu Price Prediction: $0.00005 In Sight
The Shiba Inu price analysis shows that SHIB is on bullish momentum, with the ADX and MACD supporting the bullish prospects. The bulls are aiming to rebound the price, breaching the upper boundary of the pennant as they aim for $0.00005, clearing resistances at $0.000040 and $0.00004485.
On the flipside, if the bears take control of the price, they could drive the price through a retrace, which could see SHIB pull back to $0.000027, coinciding with the 50-day SMA.
Meanwhile, many investors are diversifying their meme coin portfolios with Smog, a project that promises to launch the mother of all airdrops on the Solana blockchain.
Smog Poised To Be The Next BONK, 100X Gains Opportunity
Since its debut on the Jupiter exchange in early February, Smog has been gaining traction, as it aims to dominate Solana-based meme coin titans including BONK, WIF, and MYRO. It’s slogan, “One meme coin to rule them all,” reflects its audacious ambition.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
As the project aims to surpass the previous Solana airdrops, the development team has already allocated 35% of its 1.4 billion token supply for that purpose. The team says the airdrop will be ”the greatest in history.”
Smog continues to surge. It’s soared 114% increase in the last seven days and hit an all-time high of $0.12 before retracing back to the current price of $0.1118.
The token has amassed over 40,000 holders and has a market capitalization of $87 million, a testament to the growing buzz around the token.
Buy And Stake $SMOG, Qualify For The Biggest Airdrop
To be eligible for the Smog airdrop, there are two main ways. The easiest way is for you to buy and hold Smog tokens in your wallet.
You can also participate by completing different daily tasks, where you accumulate airdrop points, managed by Zealy. Airdrop members on the platform have already completed over 800,000 quests.
Smog is also airdropping $1,500 worth of $SMOG through airdrop distributions daily to BONK, WIF, MYRO, and SAMO holders.
You can also earn passively through Smog’s staking option by staking $SMOG for an impressive 42% annual percentage yield (APY).
According to Jacob Bury, a crypto analyst and YouTuber, Smog has the potential to surge 100X.
You can buy the SMOG token on the official website to qualify for the historic airdrop. There’s also a 10% discount when you buy and stake $Smog.
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