• Shiba Inu (SHIB) has seen a rise in value of 32% over the past 30 days.
• It faces competition from meme coins like Shiba Memu, which has raised $1.7 million in its presale.
• SHIB needs to break above the resistance of $0.00001 for it to make good on its bullish potential.
Shiba Inu Price Surge
Shiba Inu (SHIB) has seen a significant price surge over the past 30 days, with an increase of 32%. This upward momentum is due to prevailing positive sentiment in the crypto market as well as upcoming solutions like Shibarium, which offer unique attributes and features.
Competition From Newer Meme Coins
SHIB is not only facing competition from arch-rival Dogecoin (DOGE), but also from newer meme coins such as PEPE and Shiba Memu (SHMU). The latter is currently in its presale phase and has already raised over $1.7 million.
Strong Resistance at $0.00001
At press time, SHIB’s trading price was $0.00000998 and had a 19% rise in the last seven days. However, it still needs to beat the strong resistance at $0.00001, supported by the 200-day MA, before it can make good on its bullish potential.
MACD & RSI Indicators
The MACD line crossing above the signal line indicates increased bull pressure on SHIB’s market while RSI is moving closer to an overbought zone..
Can SHIB Break Through?
Whether or not SHIB can break through this strong resistance remains to be seen but a significant surge beyond this point could further push up its value significantly and give investors reason to smile even more broadly than they are now!
Conclusion
In conclusion, Shiba Inu’s future looks bright if it can manage to break through the resistance at $0.00001 and capitalize on its bullish potential despite facing stiff competition from newer meme coins like Shiba Memu that have raised over $1.7 million during their token presales