{"id":512177,"date":"2024-04-25T15:57:28","date_gmt":"2024-04-25T15:57:28","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=512177"},"modified":"2024-04-25T15:57:28","modified_gmt":"2024-04-25T15:57:28","slug":"the-shiba-inu-price-plunges-9-as-this-chain-traveling-dogecoin-derivative-surges-towards-11-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/the-shiba-inu-price-plunges-9-as-this-chain-traveling-dogecoin-derivative-surges-towards-11-million","title":{"rendered":"The Shiba Inu Price Plunges 9% As This Chain Traveling Dogecoin Derivative Surges Towards $11 Million"},"content":{"rendered":"

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

Shiba Inu Price Gears Up For Another Bullish Momentum <\/span><\/h2>\n

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. <\/span><\/p>\n

The bulls have managed to push SHIB to the upper boundary of the pennant, indicating a rebound from the lower trendline.<\/span><\/p>\n

\"The<\/p>\n

SHIBUSDT Analysis. Source: Tradingview.com<\/span><\/p>\n

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.<\/p>\n

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.<\/span><\/p>\n

Shiba Inu Price Bulls May Push The Price Above The Pennant <\/span><\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

A Promising Alternative<\/span><\/h2>\n

As the SHIB price dumps, investors are still flocking to <\/span>the DOGEVERSE<\/span><\/a> meme coin presale, which has already amassed over $10.88 million in funds raised.<\/span><\/p>\n

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.<\/span><\/p>\n