Today, after a week of erratic movement, the overall market trend moved to one of consolidation. The king coin, Bitcoin, and altcoin king Ethereum closing above crucial levels allowed the meme currencies, which did not move much, to stay in the green. Shiba Inu lost its lone support of $0.00001 after falling by roughly 37% in June. The loss did not last long, though, as when the cryptocurrency hit its lows, a 53.32 percent rebound was seen over the course of the next week.
SHIB is currently gradually returning to the price it was at before the crash. The price indications are also encouraging the possibility of a quick rebound at the current price of $0.00001078.
DOGE And SHIB Are Neck-To-Neck
The cryptocurrency community took notice when Dogecoin (DOGE) started to impose itself as a significant investment instrument. Shiba Inu (SHIB) wants to take even more of the market share in homage to the most well-known memecoin in the world. The Bollinger Bands’ divergence does suggest that volatility will soon be falling, but as long as the candlesticks remain above the bias, SHIB will continue to see green candles.
This is further supported by the MACD’s arrival of a green bar, which prevented SHIB from undergoing a bearish crossing. The memecoin will inevitably surpass $0.000012 if it can hold onto this position. One of the few cryptocurrencies that still show a robust increase, DOGE is getting closer to the $0.858 price levels from before the June meltdown.
However, DOGE was just below the $0.075 level after seeing a 5 percent increase in the previous 24 hours. For DOGE to recover its June losses, it is critical to turn this resistance into support. In the past two months, Shiba Inu (SHIB) has been more competitive with top “memecoin” Dogecoin (DOGE), in part because of the token’s recurrent token burning events and a rush of project announcements that promise to increase its utility.