Shiba Inu price rises 17% as owners shift to new ICO aiming for 1,000% gain

The price of the Shiba Inu has increased by 17% in the last 24 hours Trading at $0.00002840 As of 03:46 AM EST, trading volume was up 124% to $2.3 billion.

The pump came amid a new outbreak of cryptocurrency mania, with the sector’s market value rising 7% in the past day to reach $67.9 billion. Earlier today, SHIB briefly flipped Cardano (ADA) to become the 10th largest cryptocurrency by market cap.

SHIB is the biggest gainer among the top three meme coins, with DOGE up just a fraction of a percent and PEPE down 6% in the past 24 hours.

Shiba Inu price is set to rise above the consolidation channel

The price of the Shiba Inu formed a rounded bottom pattern in April, as bulls pushed the price to the $0.00002766 resistance level, according to data from GeckoTerminal. SHIB then saw a downtrend to $0.00002068, negating the bullish forecast made by the circular bottom pattern.

The price of the Shiba Inu then went through a consolidation phase, trading within the $0.00002197 and $0.0000268 ranges, indicating the struggle for dominance between bears and bulls.

In the final day, it appears that the bulls have won the battle for dominance, pushing SHIB to break the upper border of the consolidation channel.

SHIB is trading well above the 50-day and 200-day simple moving averages (SMAs), which is confirmation of an uptrend.

Furthermore, the Relative Strength Index (RSI) is trading within the overbought 70 zone, which is currently at 71 and moving higher, which is an indication of intense buying pressure.

The Moving Average Convergence Divergence (MACD) indicator is also bullish, as the blue MACD line crosses above the orange signal line, forming a bullish crossover.

In addition, the Stochastic 14 3 3 line crosses above the orange trigger line, which represents a bullish moving average crossover, reinforcing the bullish outlook.

Shiba Price Prediction: How High Can the Shiba Inu Get?

Key indicators, including Stochastic, MACD, and RSI, are indicating that the bullish momentum is stronger, as the bulls aim to push the price higher, targeting the $0.00003326 resistance level.

However, both the MACD and RSI show that SHIB is extremely overbought, which could lead to an upcoming price correction, which could push SHIB through a bounce to the key support around $0.00002412.

Meanwhile, as SHIB’s price aims to take a sustained bullish stance, investors are piling into a new Doge derivative ICO called PlayDoge, which has already garnered over 269K in less than 24 hours since its launch.

According to 99Bitcoins, a cryptocurrency channel on YouTube with over 700,000 subscribers, $PLAY “could be very huge.”

PlayDoge Meme Coin Raises Over $269K in ICO Explosion – Is It the Best Alternative to the Shiba Inu?

PLAY is a play-to-earn (P2E) mobile game that’s set to turn the DOGE meme into a Tamagotchi-style virtual pet, allowing users to seamlessly earn PLAY tokens.

The project is based on the PlayDoge mascot, a virtual dog that acts as a P2E companion as players feed, train and play with the 2D Doge at the right time, earning $PLAY tokens in the process.

introduction #PlayDoge – the only #P2E Dougie buddy! 🐶

Inspired by heritage #TamagotchiFeed, train and play with your 2D Doge to earn money $PLAY. 💰

Do not neglect your dog, his life is at stake 😲💀 #Pre-sale Live now! pic.twitter.com/qV3WOdRTEo

— PlayDoge (@PlayDogeGame) May 28, 2024

$PLAY runs on the BNB Smart Chain, which means the token is on the radar of the Binance listing team. with Binance Being the largest centralized exchange in the cryptocurrency space, the listing may increase its accessibility and liquidity.

PlayDoge is unique from other tokens because it provides a utility to the $PLAY token. The project offers an alternative solution by bridging the gap between humans and virtual pets.

In this way, PlayDoge monetizes gameplay with the $PLAY token while simultaneously delivering memes with global resonance.

Token holders can also earn passively through the project’s staking option through Staking $PLAY For an annual yield (APY) of 2,081%.

Playdog I chose you! 👉 🐶

He buys $PLAY Symbols in #Pre-sale now! 💰 🚀 #PlayDoge #MimiQueen #P2E #Pokemon #BNB pic.twitter.com/KmuUQEoE7f

— PlayDoge (@PlayDogeGame) May 28, 2024

You can buy $PLAY tokens for $0.005 each. With prices rising in less than 3 days, buy soon if you’re interested in getting the best deal.

To join the preview, Buy $PLAY from the official website here Using BNB, USDT or bank card.

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PlayDoge (PLAY) – the latest launch on the BNB chain

• 2D Virtual Doge Pet
• Play to earn Meme Fusion Coin
• Staking and in-game token rewards
• SolidProof – playdoge.io has been audited