Shiba Inu (SHIB) has been experiencing a challenging performance lately, as its price took a nosedive, resulting in a significant -11% drop. This decline was triggered by the rejection from upper trendline resistance, leaving many investors feeling disheartened and questioning the future of SHIB. The continuous downward movement has led to a significant amount of SHIB being transferred on-chain, sparking concerns among market participants.
Among recent records of Shiba Inu, a massive 4.2 trillion SHIB was moved between unknown wallet addresses. This transaction, with no evidence of exchange connections, is likely related to private self-custody. While the private nature of the move raises some questions, it is important to note that large quantities of SHIB on the move have unsettled the market. Currently, Shiba Inu is trading at a market price of $0.00000978, reflecting a 24-hour change of -5.05%.
Since April 16, SHIB has struggled to break through the upper trendline resistance at $0.00001187. The recent rejection from this level suggests the possibility of a major retracement similar to the -53% slide experienced back in April. However, there is some hope for SHIB as it finds consolidation above the immediate support of the 20-day moving average (20DMA) at $0.00001. Additionally, there is a further layer of support provided by the 200-day moving average (200DMA) at $0.000008.
Despite the downward price action, SHIB’s positioning on the Relative Strength Index (RSI) has significantly improved. The RSI, which was previously in a severely overbought territory, has now cooled down to a more neutral level of 52.58. This near-neutral scoring suggests the potential for a bounce in price. Furthermore, the Moving Average Convergence Divergence (MACD) indicator displays minor bullish divergence with a reading of 0.00000002. These technical indicators indicate that SHIB may be forming a healthy layer of consolidation at its lower support levels, setting the stage for potential upside movements.
In terms of potential price targets, SHIB has its sights set on climbing back up to $0.0000187, representing a potential gain of +20.5%. On the other hand, there is a downside risk that could push SHIB to lower support around $0.00000847, resulting in a possible -13.9% decline. With a current risk-reward proposition of 1.47, SHIB presents a reasonable entry point characterized by moderate upside potential, suggesting that it is unlikely to reach zero in the near future.
While SHIB may attempt a recovery, investors seeking more certain gains are turning their attention to a new presale with significant meme potential – Meme Kombat. This trailblazing initiative combines the love for nostalgic gaming and GambleFi into a decentralized Web3 platform.
The essence of Meme Kombat lies in its captivating arena, where meme characters compete in animated battles designed to tap into deeply tribal crypto communities. Players have the opportunity to place bets on these battles, predicting the outcomes and potentially earning attractive rewards. With Season 1 showcasing 11 distinct meme characters and Season 2 on the horizon for December 2023, Meme Kombat offers non-stop action and engagement. Every battle is a new experience, providing transparency and unpredictability through the utilization of artificial intelligence.
Meme Kombat’s commitment to transparency is evident in its impending security audit of its smart contract, a move that many projects shy away from. The founder and project lead, Matt Whiteman, brings credibility to the project with his two decades of experience and position as the COO of North Technologies. The project’s physical address in Amsterdam adds an extra layer of trustworthiness, distinguishing Meme Kombat from projects that hide behind the veil of anonymity.
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With the GambleFi industry thriving and the merging of memes, gaming, and blockchain, Meme Kombat presents a fresh offering to the crypto community. For investors looking to diversify their portfolios with a unique opportunity, Meme Kombat should not be overlooked. Embrace the future of meme-based gaming and betting with Meme Kombat and stay updated through their Telegram channel.
While Shiba Inu faces significant challenges and uncertainties, it is unlikely to reach zero in the near future. However, for investors seeking alternative opportunities, Meme Kombat presents an exciting prospect that combines the allure of nostalgic gaming, memetic love, and decentralized Web3 technology.
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