The price of Shiba Inu, the dog coin in the cryptocurrency circle, has risen by 7% in the past 24 hours to $0.00002707 per coin, and the trading volume has increased by 2.4% to $1.77 billion.
After adjusting for the past few days, Shiba Inu price has finally found a bottom at around $0.0000255 per coin. Now, the popular online meme coin is attempting to break the $0.000028 per coin resistance level.
The rise in Shiba Inu’s price began when Gate.io announced that Shiba Inu’s governance token $BONE was now available for margin trading. $BONE plays an important role in the Shiba Inu community, allowing holders to vote on various issues in the Shiba Inu ecosystem.
Although Dogecoin Shiba Inu and $BONE are different cryptocurrencies, they belong to the same ecosystem and are closely related. Therefore, the new use of $BONE may have a positive impact on the project's main coin.
Shiba Inu Price Prediction
Although the price of Shiba Inu has risen sharply in the past 24 hours, it is worth noting that many technical indicators suggest that this growth is unlikely to be sustainable. With the market's recent turn to bearish, fundamental factors such as the listing of $BONE tokens for margin trading or Bitcoin's own recovery have limited role in pushing prices higher.
Looking at Shiba Inu's technical indicators, such as the Bollinger Bands, we can draw different conclusions. Although yesterday's surge caused the Bollinger Bands to expand, they are now rapidly narrowing again. This is a bearish signal and is likely to mean a new round of price correction is imminent.
Likewise, the coin’s Relative Strength Index (RSI) value has declined over the past 24 hours, which suggests that buying power is waning and traders have already started to book profits. The RSI value has dropped to 50.56, which means it is currently in the neutral zone.
Therefore, the price could go in either direction and it will depend on the behavior of traders in the coming hours and days. Since the RSI is in neutral territory, it can move either upwards or downwards, which means that this is an uncertain period and it is unclear what will happen next. However, combined with other indicators, such as the Bollinger Bands, it can suggest that the price will fall in the short term.
If this happens, Shiba Inu could drop to $0.000025 per coin, a support level that has been able to prevent further price declines even in the most difficult moments over the past seven days, when the bear market pulled the price down from the coin’s two-year high.
If the situation reverses and Shiba Inu rises again, it will first encounter resistance at $0.000030 per coin before rising further. However, considering that the market is strongly dominated by Bitcoin and its performance, and the possibility of a correction before the halving, a new round of strong rise is unlikely to happen in the near future.
A Promising Alternative to the Shiba Inu
While Shiba Inu’s price surge shows that the terriercoin craze is not over yet, it is not the only cryptocurrency that deserves traders and investors’ attention right now.
One good alternative is a token called Smog (SMOG), a dragon-themed meme coin that’s been hyped for its promise of the “largest airdrop ever.”
The first season of airdrops ends in 13 days, so now is the time to join and earn around $1 million in prize experience.
Tokens can be exchanged for ETH and USDT, or can be purchased with a credit or debit card. Tokens can be stored in MetaMask, Wallet Connect, or Coinbase Wallet.
The best place to buy SMOG is its official website, which currently has a limited-time discount on 10%.
Related articles:
Smog Price Prediction – After Recent All-Time Highs, Could $SMOG Become the Next Biggest Solana Airdrop Smog Coin?
Best Cheap Cryptocurrency Investments: Top Picks for 2024!
Best Alternative Coins to Invest in: Top Picks for Highest Returns Revealed!
Green Bitcoin – Gamified Green Staking
Rating
Contract audited by Coinsult
Early Access Presale Starts Soon – greenbitcoin.xyz
Predict to Earn Rewards – Featured in Cointelegraph
Staking Rewards and Token Rewards
Over $7 million raised – almost done
learn more
Join our Telegram channel to get the latest news coverage.
English 
Chinese (China) 
Chinese (Hong Kong) 