Shiba Inu (SHIB) has been facing a struggling performance recently, with the price falling -11% after being rejected from upper trendline resistance. This has left some bag-holders wondering if SHIB is going to zero. Adding to the uncertainty, large amounts of SHIB have been moving on-chain, with a massive 4.2 trillion SHIB being transferred between unknown wallet addresses. While it is likely that this movement is related to private self-custody, it has spooked the markets and contributed to SHIB’s current market price of $0.00000978, representing a 24-hour change of -5.05%.
The downside movement in SHIB’s price has been triggered by its rejection from upper trendline resistance around $0.00001187, a level that has not been touched since April 16. This rejection could potentially mark the start of a major retracement for SHIB, as a similar resistance level in April led to a significant -53% slide. However, there is still hope for SHIB as it is currently consolidating above the immediate support of the 20-day moving average (DMA) at $0.00001. Additionally, there is a further layer of support provided by the 200DMA at $0.000008. These levels of support reduce the downside risk for SHIB and increase the possibility of a bounce.
Despite the recent downtick in SHIB’s price, there are some positive signs. SHIB’s positioning on the relative strength index (RSI) indicator has improved, with the RSI cooling down from a severely overbought reading to a more neutral 52.58. This suggests the potential for a bounce in price. Furthermore, there is a display of minor bullish divergence on the moving average convergence divergence (MACD) indicator, with a reading of 0.00000002. Overall, SHIB has formed a healthy consolidation at lower support levels, which could set the stage for a resumption of upside movements and a potential climb back up to $0.0000187 (+20.5%).
On the downside, SHIB’s price faces a risk of falling to lower support around $0.00000847, which represents a possible -13.9% decline. However, despite this downside risk, SHIB’s current risk: reward proposition is at 1.47, indicating a reasonable entry point with moderate upside potential. This suggests that SHIB is not likely to go to zero anytime soon.
While SHIB has its challenges, there are other opportunities in the crypto space that investors can explore. One such opportunity is Meme Kombat, a trailblazing initiative that combines the memetic love of nostalgic gaming with GambleFi into a decentralized Web3 platform. Meme Kombat features an arena where characters from deeply tribal crypto communities battle it out, and players can place bets on the outcomes to potentially earn attractive rewards.
Meme Kombat is built on a foundation of trust, with a commitment to transparency. The project is undergoing a security audit of its smart contract, and the findings will soon be made public, demonstrating their dedication to openness. The founder and project lead, Matt Whiteman, brings two decades of experience in process design and holds the position of COO of North Technologies, adding credibility to Meme Kombat. The project also has a physical address in Amsterdam, further enhancing its trustworthiness in an industry where many projects hide behind anonymity.
Meme Kombat’s tokenomics is appealing to potential investors. The Meme Kombat ($MK) token is attractively priced at $0.257, and staking the token offers a generous annual percentage yield (APY) of 112%. Stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena, allowing for earning while gaming. The more engagement on the platform, the more income one can potentially earn, creating an intriguing opportunity for those looking to diversify their portfolio.
Meme Kombat presents a unique offering by merging memes, gaming, and blockchain, providing something fresh to the crypto community. With the GambleFi industry booming, Meme Kombat is well-positioned to tap into this lucrative market. For investors interested in the future of meme-based gaming and betting, Meme Kombat offers an opportunity that should not be missed.
While Shiba Inu’s performance may be struggling and facing downside movements, it is unlikely that SHIB will go to zero. The current consolidation at lower support levels and the potential for an upside movement indicate that there is still room for SHIB to grow. Additionally, opportunities like Meme Kombat provide alternative investment avenues for those looking for unique offerings in the crypto space. As with any investment, it is important to approach crypto with caution and conduct thorough research before making any decisions.
