Shiba Inu has dropped 2.6% in the last 24 hours. At the time of writing, SHIB was trading at $0.00000911, according to CoinGecko. The performance of SHIB reflects the performance of the broader cryptocurrency market, given that the global cryptocurrency market cap has dropped 1.6% in the last day, and it stands at $873 billion.
Shiba Inu price analysis
In the last 24 hours, SHIB has shown a bearish trend that mimics the performance of the global market. During this time, SHIB has reported mild volatility, with the meme coin trading in the range of $0.00000898 and $0.00000939.
SHIB has a market capitalization of $5.36 billion and currently ranks as the 14th largest crypto asset by this metric. The bears are preventing SHIB from breaking higher, and to prevent the token from trading lower, it needs to hold levels above $0.000009.
If SHIB slips below this level, it could drop towards support at $0.0000083, after which another decline to $0.00000715 could be on the way. On the other hand, buyers could start accumulating the dip, after which the bullish trend will persist, and SHIB will rally toward $0.0000096.
Shiba Inu’s price chart indicates a bullish reversal, meaning that the recent dip could be rallying short-term traders buying at the low prices.
The meme coin has a Relative Strength Index (RSI) of 54, pointing toward a spike in the buying momentum. A similar trend can also be seen in the movement of the Moving Average Convergence Divergence (MACD) line, which is currently above the signal line, pointing toward a bullish trend.
SHIB is not the only meme coin trading in the red today. Dogecoin has also dropped by 4.7% in the last 24 hours, and at the time of writing, it was trading at $0.096. DOGE ranks as the 8th largest cryptocurrency, with a market capitalization of more than $13 billion.
The DOGE community was recently treated to rumors that Twitter’s new owner, Elon Musk, could be launching a Twitter coin that will be used as a means of payment on the platform. This has dampened the bullish trend around Musk’s integration of DOGE payments on Twitter.
— Nima Owji (@nima_owji) December 3, 2022
Accumulate these altcoins instead
As SHIB and other meme coins trade lower today, investors are watching out for the next altcoins that have the potential to gain.
Tamadoge is also bearish today after dropping by 16.4% in the last 24 hours. At the time of writing, TAMA was trading at $0.012, according to CoinGecko. The meme coin is retracing amid a bearish performance in the broader market.
However, there could be some gains for TAMA on the way, given that in late November, the Tamadoge team announced it was making progress toward releasing the eagerly awaited arcade. The launch will allow users to participate in the Tamadoge play-to-earn platform, adding utility for TAMA.
Dash 2 Trade
Dash 2 Trade is a crypto trading signals platform that will be released soon. This platform will give crypto investors access to market information, on-chain data, and analysis that will help them to make profitable trades.
The Dash 2 Trade presale is attracting much interest from investors that want to be early participants in the project. The presale is 68% complete, and more than $8.9 million has already been raised.
Investors looking to diversify into the ESG field are also buying the IMPT presale, which is only four days from completion. IMPT is one of the greenest cryptos today, as its marketplace allows businesses and individuals to buy, sell and retire carbon credits.
The end of the IMPT presale is near, and more than $14.96 million has already been raised. The presale will end on December 11. The token will then be listed on exchanges on December 14. IMPT has already confirmed listing on LBank, Changelly, and Uniswap.
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