Shiba Inu crypto has popped off +11%, and now SHIB price is showing key technical strength from MAs, what’s next for Shiba Inu price?
After weeks of sustained low-cap narrative activity in the meme coin sector, it appears that big meme coins are back in control as Popcat and Dogecoin dominate price moves .
Hot on the heels of these major rallies, Shiba Inu crypto is playing rapid catch-up, posting an impressive +11% gain in the past 24 hours, bringing much-needed strength to the second-largest cryptocurrency by market cap .
JUST IN: The burn rate for $SHIB has soared 6,750%. pic.twitter.com/26V38yQkGq
— SHIB Gems (@SHIBGems) October 25, 2024
The magnificent upside move appears to have been fuelled by a surge in the Shiba Inu burn rate, which has reportedly risen another +6,750% this week.
With SHIB’s pressure shifting deflationary amid a wider pump for big market cap meme coins, Shiba Inu crypto is shifting into high gear as Bitcoin rockets above $70k.
SHIB Price Analysis: Shift Above Moving Average Support Indicates Huge Breakout Coming
The upside move for the SHIB price comes as price action re-breaks back above the critical moving average resistance. Shiba Inu crypto’s price now stands at $0.00001875 following the push.
As bulls regain momentum, this marks a substantial technical strengthening after the SHIB price fell after a death cross pattern between the 20DMA and 200DMA back in June.
Indeed, the past 24 hours have seen the SHIB price smash back above 200DMA resistance at $0.0000186, following a bounce from the 20DMA at $0.000018.
( Source )
The upside trajectory further seems to be inspiring an uptick on the 20DMA, suggesting that if SHIB bulls can maintain current momentum, a golden cross is likely to appear throughout the course of the week.
With this in mind, all eyes are on the RSI indicator, which is reading at 58.39—only a mild bearish divergence into overbought territory (which spotlights how much higher Shiba Inu crypto could still climb during this push).
If bulls are able to consolidate here, it seems likely that the Shiba Inu price will push up to $0.00002 as its next target, while downside risk remains close by at MA support.
But while SHIB offers a strong risk: reward for taker-buys right now, higher gains could still be unlocked by getting in early on lower market cap projects.
DON’T MISS: Crypto All-Stars ($STARS) – Could Meme Coin Staking Be The Secret Power Move This Bull Run?
Crypto All-Stars aims to revolutionize the meme coin space by developing the first-ever MemeVault Ecosystem.
This platform is designed to allow holders of various meme coins to earn rewards via its native STARS token.
Built upon the ERC-1155 multi-token standard, the MemeVault promises multi-token, multi-chain staking capabilities.
This is a significant innovation not only in the meme coin space but also in the blockchain industry as a whole.
At launch, Crypto All-Stars will support 11 popular meme coins, including DOGE, SHIB, and PEPE. Plans are to add many more as the user base expands, and with the multi-chain design, expanding the MemeVault will be trivial.
The team behind STARS has included a staking protocol solely for the presale phase, with over 545% APY on offer for those who choose to stake their presale bag.
Over $2.8 million in presale funding has been raised, and the community is much in agreement that $5 million is a realistic target.
Less than 48 hours are remaining before the next price stage increase so don’t miss out on securing STARS at these low prices.
VISIT CRYPTO ALL-STARS HERE
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