Published
8 months ago on
March 28, 2024
The Shiba Inu cryptocurrency experienced a 7% increase in its value over the last 24 hours, with its price reaching $0.00002995 at 03:51 a.m. EST, based on a trading volume that saw a 42% rise to $2.2 billion.
This surge comes as SHIB successfully breached the $0.00003 price mark, boasting a 211% rise within just 30 days, hinting at a potential rebound to its annual peak of $0.00004563, recorded on March 5.
March was a significant month for Shiba Inu, marked by considerable gains and a stark increase to a resistance level at $0.00004568.
However, facing resistance led to a correction, mirroring a broader market downtrend.
Despite this, SHIB supporters have rallied from lower support levels, notably around $0.000020, propelling the cryptocurrency above a declining wedge pattern.
This movement is backed by a broader market recovery, fueling bullish momentum.
Technical indicators underscore the bullish outlook, with Shiba Inu standing above both the 50-day and 200-day Simple Moving Averages (SMAs), indicating sustained upward momentum.
The Relative Strength Index (RSI) reflects this optimism, showing a rebound from the 50-midline level at 56, aligning with SHIB’s breakout above the falling wedge pattern’s upper boundary.
The Moving Average Convergence Divergence (MACD) presents a bullish narrative as well, with a blue line crossover above the orange signal line, further affirmed by rising green bars on the histogram indicating positive momentum.
These indicators suggest a strong bullish bias, with targets set beyond the immediate resistance towards $0.000040.
However, there remains a risk of bearish pressure that could see prices retract to support levels if current momentum wanes.
Amidst this climate, Dogecoin20 emerges as a noteworthy mention, with its launch scheduled for April 20, following a highly successful presale phase that quickly raised $10 million.
Dogecoin20, viewed as an evolution of the DOGE meme coin, is anticipated to outperform predecessors like Shiba Inu and Dogecoin itself.
The project aims for environmental friendliness and introduces on-chain staking with a compelling 98% annual percentage yield (APY), allocating 15% of its 140 billion total token supply for staking rewards over two years.
Marking April 20 as International Doge Day, the Dogecoin20 team aligns its launch with a day celebrated by enthusiasts, offering a strategic investment window for those eager to participate.
The presale’s extension provides a final opportunity to purchase DOGE20 tokens at $0.00022 each, with transactions facilitated through ETH, USDT, or bank cards, urging quick action from interested investors before the close.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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