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The Shitcoin price has pumped 40% in the last 24 hours to trade at $0.0107 as of 3:15 a.m. EST on a 73% surge in trading volume to $5.5 million.
Shitcoin Price Gears Up For A Bull Rally Above The Cup And Handle Pattern
The classic Cup and Handle pattern indicates a bullish continuation setup commonly used in technical analysis. This pattern starts with a rounded “cup” formation, representing a period of accumulation or consolidation.
Following the cup, there is a smaller downward movement known as the “handle.” which shows a brief retracement before a breakout, where the price moves above the resistance level formed by the rim of the cup.
The price has already broken out in this case, as indicated by the green candlestick crossing the resistance level, confirming the pattern’s bullish nature.
SHITUSD Analysis Source: Dextools.io
The target price for this pattern is estimated by measuring the distance from the bottom of the cup to the rim (resistance) and adding that to the breakout point. This gives a projection of where the price might head after the breakout.
Shitcoin Price Technicals Indicate A short Term Bearish Trend
The Moving Averages (SMAs) are also below the current price, with the 50-day moving average indicating upward momentum. The 200-day moving average, acting as a longer-term support, reinforces the bullish sentiment. When the price breaks above these MAs, it often signals a trend continuation or reversal in favor of the bulls.
Additionally, the MACD (Moving Average Convergence Divergence) is showing strong upward momentum. The blue MACD line has crossed above the signal line, which generally indicates a buy signal or the beginning of a bullish phase. This momentum indicator aligns well with the cup and handle pattern, confirming the upward breakout potential.
The Relative Strength Index (RSI), however, is showing a reading of 71.50, suggesting that the Shitcoin price is in overbought territory. However, there might be a short-term pullback or consolidation as the price may be temporarily overbought. However, in strong uptrends, SHIT can remain overbought for extended periods.
The Cup and Handle pattern is a clear, bullish sign reinforced by positive signals from the MACD and Moving Averages. While the breakout points toward potential further gains, caution is advised due to the RSI suggesting overbought conditions.
This could lead to a brief pullback or consolidation before the price resumes its upward trajectory toward the target price.
Crypto All-Stars (STARS) Presale Surges Past $1.5 Million: Next 100X Crypto?
Meanwhile, the bullish excitement surrounding the Shitcoin price is also found around the new meme coin Crypto All Stars (STARS), which has seen its funds raised in presale surge to over $1.55 million.
In contrast to other meme coins that rely on community hype, Crypto All-Stars delivers tangible utility through its ‘MemeVault’ feature. This allows holders of popular meme coins to stake their assets and earn rewards in $STARS tokens.
According to an analyst on the 99 Bitcoins YouTube channel, which has over 706k subscribers, STARS has the potential to surge 100X once it launches.
Utilizing the ERC-1155 standard, MemeVault accommodates meme coins across various blockchains, eliminating the need for multiple wallets or platforms.
The rewards are also scalable, meaning the more $STARS you hold, the greater your rewards. At launch, the platform will support 11 popular meme coins: Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, Mog Coin, Milady Meme Coin, Turbo, Toshi, Coq Inu, and Bonk. There are plans to add additional meme coins in coming months.
Crypto All-Stars also features staking for STARS itself that offers a staggering annual percentage yield (APY) of 955%. However, as more investors participate, the returns will decrease, benefiting early supporters.
A brand-new player in the meme coin space, Crypto All-Stars just launched within the past 24 hours, and it’s already making waves! 🌊
Here’s why you should pay attention. 🧵👇
— web3telepath (@web3telepath) August 15, 2024
To date, over 765 million $STARS tokens have been staked. Together, the MemeVault and $STARS staking create a seamless rewards system for meme coin enthusiasts.
You can buy STARS using $ETH, $BNB, $USDT, or a bank card for $0.0014593. But do not take too long as the price will increase in less than 22 hours.
Purchase $STARS from its official website here
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