The value of Shiba Inu (SHIB) has increased by 32% in the last 30 days. This is good news for meme coin investors and traders. The crypto markets are becoming more optimistic, although there may be other factors that explain this upward trend, such as the upcoming elections.
SHIB’s trend has been going up by 19% in the last seven days. At the time of writing, the token’s trading price, according to CoinGecko, is $0.00000998. SHIB has seen a major rise of 5.75 % yesterday and is currently 1% up.
The Moving Average lines of 50 and 200 days are above the current price, which is a sign of active buyers in the market. The MACD crossing the signal line is also a sign of a bullish trend, but the Relative Strength Index (RSI) is close to the overbought region.
For SHIB to reach its bullish potential, it must overcome the resistance of $0.00001 and the 200-day MA. Even if it does not break through this level, it is still likely to remain above the 50-day MA.
The recent launch of Shiba Memu (SHMU), a blockchain-based AI-powered meme coin, is likely to pose a challenge to existing Shiba-themed meme coins such as Shiba Inu. SHMU’s presale has already raised more than $1.7 million and its price continues to rise.
Overall, SHIB has a good chance of reaching new highs if it can break the resistance of $0.00001. Meanwhile, Shiba Memu is likely to become a major player in the meme coin market.
