The Shiba Inu Price Plunges 9% As This Chain Traveling Dogecoin Derivative Surges Towards $11 Million

The Shiba Inu price has plunged 9% in the past 24 hours to trade at $0.0000248 as of 7:15 a.m. EST on a 19.9% surge in trading volume to $830 million.

Shiba Inu Price Gears Up For Another Bullish Momentum 

The Shiba Inu price remains within a bullish pennant pattern, following a strong surge above a prolonged consolidation channel. This pennant suggests that the bullish trend for the Shiba Inu price will likely continue.

The bulls have managed to push SHIB to the upper boundary of the pennant, indicating a rebound from the lower trendline.

SHIBUSDT Analysis. Source: Tradingview.com

Shiba Inu seems to have reached a crucial moment. It was making gains towards the 50 SMA, but now it’s encountered a significant shift as it moves away from the 50-day SMA. This change indicates that SHIB’s momentum is slowing down, aligning with a larger pattern of decreasing strength across the cryptocurrency market.

The market’s uncertainty is also evident in the Relative Strength Index (RSI), hovering around the middle value 50. This usually signals a neutral state. The RSI reflects the current indecision in the market to some extent. With increasing momentum, the RSI is expected to enter the overbought territory, signaling intense buying pressure.

Shiba Inu Price Bulls May Push The Price Above The Pennant 

If SHIB manages to rebound and exceed the 50-day simple moving average (SMA), it might signal an opportunity for the bulls to target higher resistance levels. The initial hurdle would be the previous peak, which sits around the $0.00003 level.

After bouncing back from the lower trendline of the pennant pattern, the price has approached the upper trendline as bullish investors set their sights on a new all-time high at $0.00004825.

SHIB’s struggle to push past the 50 SMA mirrors the overall market situation, where buying strength is lacking across various assets. Right now, SHIB has a support level at $0.000021, acting as its immediate bottom line.

If it falls below this point, it could indicate a further drop, with potential support found around the $0.000012 mark at the lower end of the pennant.

A Promising Alternative

As the SHIB price dumps, investors are still flocking to the DOGEVERSE meme coin presale, which has already amassed over $10.88 million in funds raised.

Inspired by Dogecoin, Dogeverse is the latest addition to the dog-themed crypto realm. Despite its connection to the largest meme coin by market cap, Dogeverse stands on its own, distinguishing itself as the first cross-chain token in the playful crypto space.

Dogeverse operates on six blockchain networks: Polygon, Ethereum, BNB Chain, Avalanche, Solana, and Layer 2 Base. That enables token holders to transfer value seamlessly across multiple networks. 

The team carefully chose these chains, representing some of the most active networks in the crypto market. This means DOGEVERSE holders can effortlessly engage in various decentralized finance (DeFi) protocols.

DOGEVERSE provides a built-in staking option on the Ethereum blockchain, meaning token swaps are unnecessary, and investors can enjoy a 102% APY.

Let’s go! 🚀#DOGEVERSE raises over $10 Million! 💰

Another incredible milestone ticked off! ✅

Join #Cosmo on his multi-chain adventures! 🌌🐕 pic.twitter.com/wNIPuHhplr

— DogeVerse (@The_DogeVerse) April 24, 2024

Dogeverse is priced at $0.000302 right now. With a price hike coming in less than two days, those who are interested should act soon for the best deal.

You can participate in the presale and buy DOGEVERSE through the project’s website here using ETH, USDT, or a bank card.

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