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The Shiba Inu price surged 8% in the last 24 hours to trade at $0.00003389 as of 03:39 a.m. EST on trading volume that dropped 30% to $3.52 billion.
This development comes as meme coins soar again, with SHIB skyrocketing 163% in the past week. It’s also the top trending crypto on CoinMarketCap today
Shiba Inu Price Set To Trade Above The Symmetrical Triangle
In March, the price of Shiba Inu experienced a significant increase, reaching the resistance level of $0.000045, at which point the bears gained control over the price. Consequently, this led to price fluctuations within the boundaries of a symmetrical triangle.
However, the bulls seem to be resilient, as the price is trading on the upper boundary of the triangle, aiming to break out. Additionally, SHIB trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which confirms the bullish momentum.
Additionally, the Relative Strength Index (RSI) is trending upwards from the 50-midline level at 57, which suggests that the price is trading in equilibrium as it tries to break out.
Moreover, the Moving Average Convergence Divergence (MACD) is showing signs of bullish momentum as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. Investors mostly use the bullish crossover as an encouragement to buy more, as the market is set for a bullish rally.
The green bars on the histogram also support the current trend, as they form over the zero line, which indicates positive momentum.
Shiba Inu Price Prediction
The Shiba Inu price analysis shows a bullish bias, as the bulls aim to sustain the bullish momentum, enough to rally the price over the symmetrical triangle.
Additionally, the MACD and the RSI are showing signs of a breakout to the upside, with bulls aiming for $0.000055 as they clear resistance levels at $0.00045 and $0.000052.
However, if the bears take control of the price, they could drive the price through a retrace, which could see SHIB pull back to $0.0000257, coinciding with the 200-day SMA.
Meanwhile, investors are also piling into a new dog-themed meme coin called Scotty the AI. Its presale has gone parabolic, adding about $2.9 million in the past week.
Scotty The AI: A Worthy Dog-Themed Token Alternative To SHIB
The Scotty the AI (SCOTTY) presale continues to gain traction in the meme coin community and has just blasted past $4 million in funds raised as it hunts down its $4.2 million target.
SCOTTY appeals to many in the meme coin space as it is the first meme coin with AI features. One such feature is Scotty Swap, which gives users a seamless and fast way to swap ETH or BNB for $SCOTTY.
The platform also has ScottyChat, which serves as an AI-powered crypto companion that offers market insights into crypto assets.
Earn Passively By Staking $SCOTTY
The platform also allows you to earn passively through a staking option, where investors stake $SCOTTY for a 53% annual percentage yield (APY).
According to CryptoNews, a prominent YouTube channel, $SCOTTY could surge 10X on launch.
You can participate in the presale by purchasing $SCOTTY tokens for $0.0083 each. There are less than 10 days left before a price hike, making now the best time to buy for quick gains.
To participate in the presale, you can buy tokens from the Scotty the AI official website and exchange ETH or USDT for $SCOTTY. You can also make purchases using your bank card.
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