Thursday, 21 September 2023

Crypto News

Shiba Inu price prediction amid intensifying Shiba Memu competition

Shiba Inu price prediction amid intensifying Shiba Memu competition

  • Shiba Inu is expected to rise higher if it breaks above $0.00001.
  • Shiba Inu is facing stiff competition from new Shiba-themed meme coins like Shiba Memu.
  • Shiba Memu has raised over $1.7 million in its ongoing token presale.

The value of Shiba Inu (SHIB) has surged by 32% over the past 30 days, offering meme coins traders and investors a reason to smile. This upward momentum is not solely due to prevailing positive sentiment in the crypto market. There are a number of other factors main among them being the upcoming Shibarium, an innovative layer-2 scaling solution that distinguishes itself with unique attributes.

Besides its arch-rival, Dogecoin (DOGE), Shiba Inu has also been facing steep competition from newcomer meme coins like PEPE and Shiba Memu (SHMU), which is currently in the presale phase. So let’s delve into what the future holds for SHIB amid this competition.

Shiba Inu facing a major resistance at $0.00001

At press time, SHIB’s trading price, according to information from CoinGecko, was $0.00000998. SHIB has demonstrated a rising trend of 19 % in the last seven days. The token has today continued with the bull trend gaining 1% at the time of writing.

Prior to today’s price surge, SHIB on Wednesday, experienced a huge rise of 5.75%, reaching $0.00001005.This upward trend fits with a recovery pattern that started two days ago after hitting a low of $0.0000947.

SHIB price prediction

SHIB’s price has remained well above the 50-day and 200-day Moving Average lines, reflecting the market’s active buyer activity. The bullish pressure on the market is further increased by the MACD line crossing above the signal line, although the RSI is moving closer to the overbought zone.

Nevertheless, for Shiba Inu to make good its bullish potential, it has to beat the resistance at $0.00001 which is further supported by the 200-day MA, creating a strong counterforce to the upward trend of SHIB.

While SHIB might have some trouble breaking through the $0.00001 level and could drop much lower to the area around the 50-day MA, any significant surge above this price level might push SHIB to new highs in the near future.

Shiba Inu vs Shiba Memu

While the hype around Shiba Inu has increased in the recent past as the community awaits the launch of Shibarium, a new artificial intelligence (AI) powered meme coin by the name of Shiba Memu is…

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