Dogecoin prices have surged 31% in the past seven days and are currently trading at $0.00003431 per share at 7:50 AM EST.
With trading volumes up 15%, SHIB has maintained its position in the top ten cryptocurrencies on CoinMarketCap, surpassing Avalanche (AVAX) and Polkadot (DOT).
CMC Ranking
Memecoin is growing!
$WIF and $FLOKI have made amazing progress.
$PEPE and $BONK rose steadily, while $SHIB and $DOGE performed strongly in the top ten!
Which one do you like best?
pic.twitter.com/I896d8u3dd
— CoinMarketCap (@CoinMarketCap)
March 8, 2024
Meanwhile, the memecoin has secured a spot on Robinhood’s leaderboard as the top ten cryptocurrency with the highest gains this week.
Wow
Breaking News‼ ️
️
#Shiba
Dog in
#Robinhood
The top ten cryptocurrencies with the highest returns this week
$48 billion traded in 10 days
Listed on more than 100 exchanges
$SHIB
Moon landing
Dream big, believe, and be bold! Pray
pic.twitter.com/K7llwnVfNQ
— SHIB Bezos (@BezosCrypto)
March 11, 2024
What’s more, SHIB has secured a spot in Forbes magazine’s list of the top ten cryptocurrency investments, according to Lucie Sasnikova, marketing specialist at Shiba Ecosystem and Shibarium Tech.
Forbes mentions Shiba Inu as one of the top ten cryptocurrencies to invest in
https://t.co/W54qkfKutj
— | SHIB.IO ♀️ (@LucieSHIB)
March 11, 2024
Previously, Forbes' advisory report pointed out that as of March 5, 2024, the market value of Shiba Inu reached $24.4 billion, when the price of Shiba Inu was $0.00004000. As of press time, SHIB's market value has fallen to just over $20 billion.
As SHIB attracts more mainstream attention, Shiba Inu prices remain bullish from a broader market perspective. According to data from on-chain aggregator IntoTheBlock, the correlation between Bitcoin and Shiba Inu is 91%. As Bitcoin prices rise further, the chances of Shiba Inu prices extending northwards also increase.
SHIB correlation
Meanwhile, Shiba Inu price is not showing any directional bias on the daily timeframe. It is consolidating within the confines of a symmetrical triangle, which is a neutral technical pattern. The next directional bias will be confirmed on a breakout.
There is a clear fight between the bulls and bears, which is fading as the histogram bars of the Moving Average Convergence/Divergence indicator (MACD) are gradually approaching negative territory. The histogram bars of the Awesome Oscillator (AO) are also red and approaching the midline.
Note that the relative strength index (RSI) is flat, indicating weakening buying momentum. This is further strengthened by the contracting volume indicator, which suggests that the strength of the current trend is fading.
However, given that all indicators are still in positive territory, chances are still tilted towards the upside. This means that the chances of breaking out of the upper border of the triangle are higher than those of moving to the downside.
If bulls gain the upper hand, Shiba Inu price could break above the downtrend line of the triangle. This could pave the way for the memecoin to reach the psychological mark of $0.00004000. In a highly bullish scenario, SHIB could extend its gains to recapture the high of $0.00004567, which was last tested on March 5.
TradingView: SHIB/USDT 1-Day Chart
The opposite situation
On the other hand, if the uptrend line of the triangle is broken, Shiba Inu price may decline to collect buying liquidity below $0.00003282. The next buying opportunity may appear near the psychological barrier of $0.00003000. In a severe case, late comers and sideline investors can enter the market at the threshold of $0.00002500.
Meanwhile, as Shiba Inu prices filled the triangle, a new meme coin called Scotty the AI had its first offering, raising around $5 million in the past week alone. According to crypto YouTuber Jacob Bury, it’s one of the five top meme coins to buy right now, with the potential to achieve a 10x ROI.
Among the memecoins that have the potential to challenge giants such as DOGE, PEPE, and SHIB, SCOTTY is undoubtedly one of them. Imagine how much money investors who bought these memecoin stars made before they were launched!
If you are interested in purchasing Scotty, you can do so here.
Also read:
Scotty the AI Presale Sold Out, Launch Price Round Begins at 9am GMT on March 11th – ClayBro Video Reviews
Top Cryptos with Potential for 10x Returns in 2024 – Green Bitcoin, Scotty the AI, and Frog Wif Hat
AI-Powered Meme Coin Scotty the AI Offers High APY in Presale – Michael Wrubel Video Reviews
Austin Hilton Provides Honest Insights on the New AI Meme Coin – Scotty the AI Presale Review
Scotty The AI (SCOTTY) – More Than Just a Meme: Uncovering the Layers of AI Innovation
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