Shiba Inu experienced somewhat cautious price actions on Tuesday, probably due to the profit-booking by investors. It followed the past session when the meme coin failed to overpower the vital level at $0.000030. While publishing this content, SHIB/USDT trades near the 0.000028 mark.
Though the potential DOGE Killer witnesses weakness as far as price movements are concerned at the moment, it might be a temporary thing. That is because the altcoin enjoys high social engagements. The meme token market experienced sentiments reversal after Elon Musk posted his pet Floki on Twitter. That impacted SHIB as the meme token attracted buyers.
SHIB Still Heading to the Moon?
Shiba Inu received more boost at the start of the week. That was after Musk posted a tweet, indicating his interest to take Shiba Inu to the moon. That caused the canine-themed online community to amplify their support for SHIB, supporting its price. Moreover, social media users attempted to take Shiba Inu to a penny ($0.01).
On the fundamentals side, SHIB may receive additional upward support from the updates about NOWPayments, a crypto payment provider supporting SHIB tokens. Also, the payment gateway declared burning 3% of SHIB transactions profits. That will probably drive the asset’s value higher. Moreover, NOWPayments plans to introduce other canine-themed coins, BONE, and LEASH. That means buying goods from the ecommerce website with the tokens.
Also read:The current petition to have Shiba Inu listed on Robinhood reflects the increasing SHIB community. Over 266K individuals signed the petition to have Robinhood list the meme coin. That has also contributed to the recent impressive moves by the leading meme token, Dogecoin.
Technical Analysis – SHIB/USDT
According to SHIB/USDT’s four-hour price chart, the leading technical indicators momentum and MACD exhibit massive bullish cases. Also, the Moving Averages depict the same. With that, market participants can expect Shiba Inu’s uptrends in the short term.
Shiba Inu has its price maintaining beyond the $0.000027 pivot. The meme token has higher chances to rally higher, supported by the surged buying pressure. If the asset maintains an upward stance, it might overcome the level at $0.000032. However, market players should consider this immediate resistance.
You can share this article.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.