What a sluggish summer for one of the biggest meme coins – Shiba Inu. The SHIB price lost 17% in the last 30 days and is now trading around $0.000014, which means it’s 226% away from its 2024 yearly high set in mid-March.
This kind of performance is frustrating SHIB holders, for sure.
However, the SHIB price had a bullish breakout from the Falling Wedge pattern a few days ago. This means it’s potentially signaling a temporary trend reversal with an upside target of +30%, reaching the $0.000020 resistance level.
Shiba Inu Chart Analysis
A Falling Wedge pattern is a bullish chart formation where price consolidates between downward sloping support and resistance lines. The support line has a steeper slope than the resistance line. As the pattern develops, trading volume typically diminishes. A breakout from this pattern often signals a potential reversal of the downtrend.
This resistance level is in line with the 200-day moving average. The 200-day moving average (MA) is a key technical indicator that represents the average closing price of an asset over the past 200 trading days.
Source: TradingView
The Relative Strength Index (RSI) is currently between 45-50 across all time frames. An RSI between 40-60 is generally considered neutral, suggesting that the asset is neither overbought nor oversold.
The Moving Average Convergence Divergence (MACD) line is above the MACD signal line. This occurs when the short-term average is above the long-term average, potentially indicating bullish momentum. However, traders often look for confirmation from other indicators before making decisions based on MACD alone.
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SHIB Price Forecast
Taking into account the technical analysis and the expectation that the bull run may continue in October and November 2024, SHIB could potentially see some upward movement. The breakout from the Falling Wedge pattern suggests a possible 30% increase, which could bring SHIB to the $0.000020 level.
If the “real” bull run starts, the Shiba Inu should be able to revisit previous yearly highs.
It’s important to note that the broader market sentiment and specific developments within the Shiba Inu ecosystem will play roles in determining its price trajectory.
Shibarium Stats
Recent data from Shibarium shows a concerning trend. The number of active accounts, new accounts, and transactions are all in a downtrend this month.
On average, the number of active accounts is around 300 this month, while new accounts are fluctuating between 5 and 15 per day. These figures aren’t particularly promising and could indicate waning interest or adoption of the Shibarium network.
Here’s One Hot New Meme Coin to Consider Instead of Shiba Inu
PandaWorld is positioning itself as a meme coin with a twist. It offers a unique revenue-sharing model that could potentially provide holders with passive income. The project is currently in presale, so you can buy PADW token at a discounted price before it hit exchanges.
As you know, many meme coins that rely heavily on hype and speculation. However, PandaWorld is attempting to build an ecosystem designed to generate sustainable revenue. This ecosystem includes several key components that set it apart from typical meme coin projects.
At the heart of PandaWorld’s offering are Play-to-Earn (P2E) games. These games allow players to earn PADW tokens as they play, which can then be staked for additional rewards.
PandaWorld is also venturing into the online casino space. A portion of the profits generated from the casino operations are added to a central revenue pool. Token holders who stake their PADW tokens become eligible to receive a share of this revenue, creating a potential passive income stream.
In addition to gaming and gambling, PandaWorld is developing a content platform. Users will be able to create, share, and potentially earn from their digital content, such as art and memes. The revenue generated from this platform will also contribute to the profit-sharing pool.
Read also: PEPE’s Resurgence? Top Trader Who Made Millions Buys In Again
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