After experiencing a bearish trend for several days, Shiba Inu (SHIB) has finally seen an upturn in its price, surging over 9% in the past 24 hours. The current price of SHIB is hovering around $0.0000082, recovering a significant portion of the losses incurred in the previous week. This positive movement comes as a relief for SHIB holders who have witnessed a continuous sell-off.
The rebound in SHIB’s price can be attributed to the token’s rejection of a minor support zone at $0.00000760. This bounce indicates a renewed interest from buyers, although SHIB still needs to break above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs) to signal a complete trend change.
CoinMarketCap data shows a notable increase in trading volumes, with an 18% rise in the past day. Additionally, sentiment analysis from CoinGecko reveals that more than 73% of users are optimistic about SHIB’s prospects. These positive indicators suggest a potential rally in the short term, providing a glimmer of hope for SHIB holders.
On the other hand, the surge in SHIB’s price lacks a fundamental catalyst. The recent launch of Shibarium, although resolved now, has left investors uncertain due to technical issues. This has dampened enthusiasm for SHIB and raises concerns about its long-term sustainability. Unless there are significant improvements in functionality, SHIB remains vulnerable to further selling pressure. The token’s technicals still lean towards a bearish outlook, and the lack of a clear growth catalyst might hinder its momentum in the coming weeks.
While Shiba Inu has been making a comeback, another meme coin called Wall Street Memes (WSM) has been gaining traction. The presale phase of WSM has successfully raised over $26 million, and it is now entering its final stage. The developers of Wall Street Memes have announced plans to list the token on multiple Tier-1 exchanges in September, marking its debut in the open market. This upcoming listing has generated significant hype, with investors speculating about potential gains once trading begins. The success of previous meme coins like PEPE and WOJ has further fueled optimism among early Wall Street Memes investors.
Popular YouTuber Zach Humphries, with over 115,000 subscribers, believes that Wall Street Memes is ready to launch and could potentially follow the footsteps of other successful meme coins. During the final stage of the presale, WSM tokens are available at a low price of $0.0337, providing investors with a limited-time opportunity to take advantage before the token hits the open market.
It is important to note that the above article is sponsored content and should not be considered as financial advice. Readers are advised to conduct their own research and verify information independently before engaging with any mentioned company. Investing in cryptocurrencies carries a risk of capital loss, and professional consultation is recommended before making any investment decisions.