Thursday, April 18, 2024

Shiba Inu Slips Out of Top 10 as AVAX Makes Comeback.

The price of Shiba Inu (SHIB) is in a catch-22 as it continues to cool off as a meme currency, filling up a triangle on the technical chart. Whales moving sizable portions of their holdings to exchanges were responsible for the abrupt end of the meme coin era.

SHIB falls to AVAX for the tenth spot overall

Shiba Inu’s standing in the cryptocurrency top 10 has decreased following a cool-off among meme currencies, as Avalanche (AVAX) has surpassed the meme coin in terms of market capitalization criteria. It comes after AVAX’s price surged by 15% as most other altcoins declined, setting the token apart. AVAX has moved back up to position ten with a market capitalization difference of almost $2 billion.

The Shiba Inu price has filled up a triangle as meme coins try to rebound, and the next directional bias appears to be lower. But that signal won’t come until after a confirmation. The critical levels to keep an eye on are $0.00003000 on the downside and $0.00003695 on the upside. To confirm the next directional bias of the meme currency, a daily candlestick close to or below these levels is required.

However, the market is currently leaning in the wrong direction, as the Relative Strength Index (RSI) is declining. A clear break below the 70 level would indicate that SHIB is ready to be sold, probably starting a sell-off.

The Awesome Oscillator (AO) indicator’s histograms, which display thick red bars to represent the dominance of bears in the SHIB market, highlight the bearish thesis.

Notably, though, the price of Shiba Inus might present another opportunity to purchase, perhaps at the psychological $0.00003000 level. Investors that seize this opportunity may witness SHIB turn around before the subsequent leg higher.

Renowned SHIB fan Leonidas stated on X that the well-known cryptocurrency exchange Crypto.com has proven to be supportive of SHIB, as it was previously for Bitcoin (BTC) and Ethereum (ETH).

By changing the name of its mobile app, the trading platform has specifically advertised the meme coin on the Google Play Store and Apple’s App Store, two of the largest mobile program retailers in the world. The Crypto.com mobile app was originally named “Crypto.com—Buy BTC, ETH,” but it is now known as “Crypto.com—Buy BTC, SHIB.”

As Leonidas declared, “The true power and raw unseen dominance are coming like nobody has ever seen before,” the community makes predictions about what might lie ahead for SHIB.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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