Summary of Article
- Shiba Inu (SHIB) has seen a 32% surge in price over the past 30 days due to positive sentiment in the crypto market.
- SHIB is facing intense competition from new meme coins such as Shiba Memu, PEPE, and Dogecoin (DOGE).
- To take advantage of its bullish potential, SHIB needs to break above the strong resistance at $0.00001.
Overview of Shiba Inu Price Prediction
Shiba Inu (SHIB) is currently experiencing an upward trend in price with a 19% rise in the last seven days and 1% increase at press time according to CoinGecko. This recovery comes after hitting a low of $0.0000947 two days before and is supported by the 50-day and 200-day Moving Average lines, as well as by MACD line crossing above the signal line. However, SHIB still needs to break through a major resistance at $0.00001 which is further backed up by the 200-day MA in order to maximize its bullish potential.
Competition from New Meme Coins
Shiba Inu is not only competing against its arch-rival Dogecoin (DOGE), but also against newcomers like PEPE and Shiba Memu (SHMU) which has recently raised over $1.7 million dollars during its token presale phase. As such, these new entrants add additional pressure on SHIB’s value due to their market presence.