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The Shiba Inu price dropped 3% in the last 24 hours to trade at $0.00001581 as of 03:18 a.m. EST on trading volume that surged 34% to $230 million.
This comes despite Shiba Inu’s numerous critical indicators improving after recent price drops. According to IntoTheBlock, Shiba Inu’s 7-day volume of transactions of $100,000 or more has increased to $142.99 million.
With the key measures signaling a market attitude change, and as Shiba Inu turns 4 years old today, could Shiba Inu be rebounding from the negative patterns?
Shiba Inu Price Could Rebound
The Shiba Inu price soared from the $0.00001577 support level on July 8 to the $0.00001971 resistance level, according to data from GeckoTerminal.
However, the bulls failed to sustain the bullish stance as the price of Shiba Inu corrected below the resistance level, trading within a falling wedge pattern.
The price retrace coincides with the token now dropping below both the 50-day and 200-day Simple Moving Averages (SMAs).
The Relative Strength Index (RSI) also shows intense selling from investors, as it trades within the oversold region, currently at 30.
If the selling continues, the token could further retrace to the $0.00001496 support region. Moreover, the 50-day SMA crosses below the 200-day SMA, forming a death cross at $0.00001697, further encouraging the bears to sell more.
However, with the RSI showing that the asset is currently oversold, buyers may start buying with the token being undervalued. In this scenario, the buying may push the price of Shiba Inu over the falling wedge pattern, as they target $0.00001917.
Meanwhile, as the Shiba Inu price bulls search for more buying signals, other investors are buying a new SHIB alternative called Shiba Shootout (SHIBASHOOT), which has already amassed over $859K in its presale.
Shiba Shootout Presale Blasts Past $859K, Best Alternative To Buy Now?
Shiba Shootout takes its token holders on a journey into the crypto Wild West, offering strategic gameplay and the allure of a cowboy’s high-stakes showdown.
Master #Crypto strategy with #Shiba cowboys in thrilling duels for big rewards! Join the adventure!
Sign up now to get your free $SHIBASHOOT tokens!
Jump in the fun! https://t.co/jCeu7XMBqR pic.twitter.com/YjlGaaluBT
— shibashootout (@shibashootout) June 28, 2024
Set in the vibrant town of Shiba Gulch, it features characters like Marshal Shiba and the Shiba Sharpshooters. This immersive experience combines creativity, competition, and camaraderie.
Its play-to-earn (P2E) game Shiba Sharpshooter already has a basic version approved by Google Play and the Apple App Store, and a big update is coming soon. Players can earn the $SHIBASHOOT token by playing the game.
Apart from P2E crypto gaming in Shiba Gulch, $SHIBASHOOT holders can also easily earn passively through the platform’s staking mechanism, which offers humongous 1,117% in annual rewards.
Influential crypto YouTuber Michael Wrubel, with more than 312k subscribers, told his viewers that in SHIBASHOOT he’d found ”the next 100x Shiba Inu.”
According to the crypto channel 99Bitcoins, with more than 706k subscribers, investors who buy $SHIBASHOOT can earn “insane rewards.“
If you are interested in participating in the presale, you can buy the token for $0.0197. But hurry as the price will increase in less than two days.
You can buy SHIBASHOOT tokens on the official website using ETH, BNB, USDT, or a bank card.
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