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The Shiba Inu price recorded a slight loss over the last 24 hours to trade at $0.0000228 as of 8:05 a.m. EST as investors gradually sell some of their holdings in the meme coin.
Still, Shibarium, SHIB’s layer 2 blockchain network, has successfully completed its hard fork at block 4,504,576, according to an X post by the project’s team. With this upgrade, token holders will be able to enjoy “blazing-fast transactions” and “predictable gas fees.”
1/ #Shibarium has successfully completed its hard fork at block height 4504576!
Get ready for:
•Blazing-fast transactions! ⚡
•Predictable gas fees! ⛽️ pic.twitter.com/oQrtF3OMTe— Shibarium Network (@ShibariumNet) May 2, 2024
This positive fundamental development could soon give SHIB a much-needed boost and ignite a recovery following last week’s slump. Much like the majority of the market, the Shiba Inu price corrected at the beginning of this month, and is subsequently down over 10% on the weekly timeframe.
The Shiba Inu Price Is Challenging Resistance
4-hour chart for SHIB/USDT (Source: TradingView)
The Shiba Inu price has broken out above a medium-term descending price channel that has emerged on its 4-hour chart. After escaping this bearish phase, the meme coin’s price also attempted to rise above the $0.00002308 resistance level.
Although SHIB was able to briefly climb above this point, sellers are doing their best to prevent a strong bullish move. If the Shiba Inu price fails to close a 4-hour candle higher than $0.00002308 within the next 12 hours, it could stand the risk of erasing its latest gains.
Traders might dump SHIB as a result, potentially leading to a retest of the $0.00002048 support. Continued sell pressure at this point could then force the meme coin’s price below the technical crutch, and result in a drop to the subsequent level at $0.00001845 in the short term.
On the other hand, a 4-hour candle close above $0.00002308 in the next 12 hours might give SHIB a good platform to rise from in the following couple of days. Traders could identify a close beyond $0.00002308 as a long entry, subsequently boosting the Shiba Inu price to the $0.00002535 threshold.
In an extremely bullish scenario, the Shiba Inu price might climb to as high as $0.00002851. However, technical indicators on SHIB’s 4-hour chart suggest the meme coin might not rise this high in the upcoming days.
The Shiba Inu Price At Risk Of Entering A Bearish Cycle
SHIB currently finds itself in a bullish trend, but this positive cycle seems to be approaching its end. The Moving Average Convergence Divergence (MACD) line collapsing towards the MACD Signal line supports this.
Buyers also have more strength than sellers on the meme coin’s charts. Similar to Shiba Inu’s positive trend, bulls also seem to be losing strength. This is evident by the Relative Strength Index (RSI), which is falling towards its Simple Moving Average (SMA) line on the 4-hour chart.
Traders and investors will want to watch for either a cross between the MACD and MACD Signal lines, or the RSI and SMA lines. The intersection of any of these technical indicators could signal a change in SHIB’s trend from bullish to bearish.
While SHIB bulls and bears battle it out on the meme coin’s charts, a new canine-themed competitor by the name of Dogeverse has investors in a frenzy.
After raising over $13 million through its ICO, the presale is offering investors one last chance to buy before the crypto launches.
The First Multi-Chain Meme Coin
Dogeverse (DOGEVERSE) is the first cross-chain meme coin to enter the market. The token boasts a high level of utility not commonly associated with the lighthearted crypto sector, and lets investors seamlessly transfer value between multiple networks.
We’ve got some big news from the cosmos of #DOGEVERSE! 🌌
A whopping 17.8B $DOGEVERSE tokens are now staked in our ecosystem! Congrats to the entire community.#Staking not only supports the network but also rewards you, our dedicated community members. 💪 pic.twitter.com/PiR9dTWx9m
— DogeVerse (@The_DogeVerse) April 30, 2024
DOGEVERSE holders can therefore participate in a multitude of DeFi protocols across some of the most active and liquid blockchain networks. This gives investors the opportunity to maximize the returns that their holdings can generate for them.
In addition to gaining access to a great speculative opportunity, DOGEVERSE buyers can also lock their tokens up in the project’s native staking solution for extra rewards.
A Competitive APY Up For Grabs
Anyone who buys and stakes DOGEVERSE at this early stage can earn up to 84% in annual rewards. This could be one reason why investors are rushing to acquire the token during its ICO phase, and why a YouTuber like ClayBro, with 127k subscribers, is talking about it.
To get started, all investors need to do is navigate to the project’s official website. With a simple buy widget embedded there, the token can be bought using either ETH, BNB, MATIC, BASE, SOL, AVAX, USDT, or a bank card.
Purchase and stake DOGEVERSE for up to 85% in annual rewards here.
Related Articles:
Dogeverse – Multichain Meme Coin
- Early Access Presale Live Now
- Bridge To Solana, Base, BNB Chain, Polygon, Avalanche
- Staking Rewards – thedogeverse.com
- Trade With Low Fees
- World’s First Chain Travelling Doge – Cosmo
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