Shiba Inu, a meme-inspired cryptocurrency, recently experienced a bullish surge but faced resistance at a critical level, leading to a bearish correction. With a market capitalization of about $13.75 billion, it ranks as the eleventh-largest cryptocurrency, according to CoinMarketCap. Its daily trading volume has risen sharply to approximately $1.47 billion.
SHIB/USD Faces Resistance, Key Support
SHIB/USD encountered resistance at $0.00002935, triggering a decline to its current level of $0.00002350. The daily chart indicates potential support around $0.00002150, a price level where it previously showed a reaction. Notably, the token faced rejection at the same resistance zone in May 2024.
The H4 chart shows that the price has been trading around 0.00002340 for a while. It has had several bounces at this level, which could result in a Double Bottom pattern. If that happens, buyers are likely to go long and push the price towards the North again.
On the other hand, a bearish breakout at the support may attract the sellers and the bear may dominate for a while.
Shiba Inu Targets $0.00006
Referred to as the “Dogecoin killer,” Shiba Inu has developed into a notable meme token, driven by its Layer-2 solution, Shibarium, which addresses scalability challenges while expanding its ecosystem. Lucie, the project’s marketing lead, recently expressed optimism about SHIB’s potential to reach $0.00006, though the timeline remains speculative.
Lead developer Shytoshi Kusama responded to criticism from Corleone Alpha News, which questioned Shiba Inu’s innovation compared to other meme tokens.
Kusama highlighted the ecosystem’s focus on technology and utility as distinguishing factors, citing projects like Shibarium and its decentralized exchange. He also announced an upcoming educational podcast to emphasize the ecosystem's technical advancements.
$SHIB ❤️❤️????❤️❤️ pic.twitter.com/k2TmXwhPil
— ???????????????????? (@LucieSHIB) November 13, 2024
Dogecoin Eyes $1 Mark After Price Surge
Meanwhile, Dogecoin, a meme-inspired cryptocurrency, has gained attention following a significant price surge, reaching $0.3292, as reported by Finance Magnates.
This rally has reignited speculation about whether DOGE can break the $1 mark. With a 152% gain over the past month and an 86% increase in the last seven days, Dogecoin’s momentum is drawing interest from crypto enthusiasts.
People kept saying $DOGE was done — I laughed every single time. Same goes for $SHIB.People really underestimate the power of the communities behind these two giants.
— David Gokhshtein (@davidgokhshtein) November 10, 2024
Should You Consider Dogecoin, Toncoin, and Shiba Inu?
Cryptocurrency investors are always seeking new opportunities. While Bitcoin and Ethereum often dominate the headlines, other digital assets like Dogecoin, Toncoin, and Shiba Inu have also attracted significant attention and support. Each of these cryptocurrencies offers unique features and backing, making them worth considering for investment. Please note, this is not financial advice.
Dogecoin benefits from a strong community, charitable efforts, and high-profile endorsements, particularly from Elon Musk.
Toncoin's integration with Telegram, which has over 700 million monthly active users, could drive widespread adoption.
Shiba Inu's “Shib Army” community has been crucial in promoting the coin and achieving major exchange listings.
This article was written by Tareq Sikder at www.financemagnates.com.
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