Last updated:
Junior Content Creator
Harvey Hunter
Junior Content Creator
Harvey Hunter
Share
Why Trust Cryptonews
Over the past 24 hours, the Shiba Inu price has seen a slight decline of 1.47%, seemingly hitting a price wall as its recent momentum wanes. Coinciding with this, the meme coin has noted a decline in the utility of its ecosystem, Shibarium, purporting a bearish outlook for the asset.
Indeed, this lapse represents a step back from the growth observed in the past week. Although Shiba Inu still retains a 7.91% gain, its momentum has faltered.
This trend is mirrored in trader activity, which is down a further 4.93% today to $197.4 million, raising the question of whether this is a minor setback or the beginning of a reversal.
Shibarium Adoption Stalls: Shiba Inu Price Decline Coming?
Data from Shibariumscan shows a decline in the number of new accounts and stagnancy in the number of transactions on the chain since September 19th.
Following a Fed-rate cut-fueled boom in Shibarium adoption, it seems that this momentum has died.
However, a closer look at the Shiba Inu price chart suggests that this may just be a minor setback in a wider bullish narrative.
Most notably, today’s price action has affirmed the formation of a bullish falling wedge pattern since March, characterized by a series of lower highs and lower lows as the price consolidates towards a breakout point.
As the Shiba Inu approached a test of the upper resistance of the pattern, it was rejected and and now faces a battle to maintain support at $0.000016. A daily close below this could push Shib back down to lower support at $0.0000145.
Although SHIB currently lacks the momentum needed to affirm a decisive break, this may just be indicative of a healthy cooldown period before the Shiba Inu price makes another push for a breakout of the pattern.
Notably, the Relative Strength Index (RSI) has fallen back to 60 following a brief peak in overbought territory. SHIB still retains its bullish sentiment, remaining above the neutral line.
This sentiment is echoed by the Chaikin Money Flow (CMF), which reads much the same, maintaining its position at +0.21.
Meanwhile, as the MACD line maintains a comfortable lead above the Signal line, it seems that bulls are in control, making a breakout in the near term credible.
This would establish a new target at the resistance of $0.00001930, potentially setting SHIB up for a further push to $0.00002750 in the coming weeks.
This New Opportunity Has Higher Gains Potential
Although Shiba Inu sets some interesting precedents for price action in the near term, emerging opportunities hold the potential for truly substantial gains.
Strategic investors may find an advantage in diversifying into newer low-cap meme coins that have the potential to rally exponentially.
Specifically, Crypto All-Stars ($STARS) presents a unique opportunity by pioneering the industry’s first meme coin staking platform.
The MemeVault brings together the entire meme coin community under the Crypto All-Stars umbrella, staking to earn rewards in the project’s native token, $STARS.
This allows the most dedicated meme coin holders to stay true to their favorite coins while capitalizing on the gains staking offers. Something which may be credited to its instant success, raising over $1.5 million in its presale already!
This confidence is bolstered by STARS’s commitment to transparency, with two successful audits ensuring investor safety.
Beyond its pioneering approach to meme coin staking, $STARS itself offers one of the biggest passive income opportunities right now, with a lucrative 966% APY. While the market wanes amidst recent volatility, All-Star investors are raking in gains!
Join the Crypto All-Stars community on X and Telegram to stay up to date on the latest announcements.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
