Shiba

Dogecoin

Shiba Inu

The post <a href="https://coinpedia.org/price-analysis/memecoins-gain-immediate-attention-with-gamestops-sudden-rise-heres-why-shiba-inu-might-miss-the-bus/" rel="noopener noreferrer nofollow">Memecoins Gain Immediate Attention With GameStop’s Sudden Rise: Here’s Why Shiba Inu Might Miss the Bus</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> has soared above $62,500 and circulated bullish waves across the markets. Meanwhile, primitive memecoins are gaining traction alongside Bitcoin, while popular memecoins are largely ignored by users. As a result, Shiba Inu &amp; Dogecoin have initiated a fresh bullish spell but appear to trade within a restrictive environment.&nbsp;
In an interesting update, Keith Gill, the man behind the 2021 Gamestop short squeeze, returned, shocking the entire crypto space. While some are hopeful of a resurgence of a similar rally, many remain doubtful of the next price action. This move has benefited the memecoins, which had an eyebrow-raising start for the week.&nbsp;
As per the data from <a href="https://twitter.com/santimentfeed/status/1790169149337178396" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>, the trading volumes exceeded over 34%, with the memecoins turning highly volatile, which could be a good buying opportunity.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/K5_MJLYNjSwkRaPAuvUX260MTS5lWdCN-SrWy9H-jQMg5K68HpfQUFtJ21jY3uDNs2mI6X2UGryyjnzhE7ob0Igxy1iES2GiehSTc6mKYQXjx0EgJiRu1af00L4Pwd6qPR2eCRo3BYgoTWU-jo5H9kk" alt="">
</figure>
The above chart indicates a huge rise in the trading volume of the token, which has been highly influenced by the Gamestop episode. Alongside Bitcoin, PEPE, MAGA, MOG, PONKE, PEPE2.0, SPX, &amp; ANALOS offer major volatility opportunities, while DOGE &amp; SHIB do not appear to be <a href="https://coinpedia.org/price-analysis/floki-inu-pepe-price-poised-for-a-25-upswing-while-dogecoin-price-may-remain-restricted/" target="_blank" rel="noopener noreferrer nofollow">interesting trades for market participants</a>. Hence, both the tokens face a huge barrier to breaching the key resistance levels.&nbsp;
<h2 class="wp-block-heading" id="h-will-shiba-inu-shib-price-break-above-0-0003">Will Shiba Inu (SHIB) Price Break Above $0.0003?</h2>
Shiba INU appears to have been stuck within a range within a decisive symmetrical triangle, within a descending trend. Therefore, the massive growth of the bearish influence over the token may compel the price to break the lower support zone very soon.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/soO3RIQtNrxBf4ScmSszunHxtz0YgcoWNgcZnEWbOZ7bYAH_P9qrBvYwAPIPYfsynzds6mvkZcX-gsWhv7BQs_ioT92XcTlfNwufJprj9IMkGm2YHB1r-xzUU5gfZTEHUMFZZYCvDAlxdOzuUSS1no8" alt="">
</figure>
As seen in the above chart, the bulls are slowly gaining strength as the <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">SHIB price</a> is ranging towards the upper resistance of the descending channel. Besides, the price has found a strong base in the form of an ascending trend line, due to which the pattern formed is a decisive symmetrical triangle. On the other hand, the Average True Range or ATR, is plugging hard, suggesting a huge drop in volatility.&nbsp;
The Gaussian channel that sheds light on the prevailing trend is currently bearish but displays the possibility of repeating the previous trend. As the bearish channel prevailed for a while in Q1 2024, the price maintained an ascending consolidation, followed by a bullish breakout. If a similar action repeats, then a major upswing could follow.&nbsp;
However, observing the current market dynamics and the santiment report, market participants appear to be attracted by other, primitive tokens. Hence, breaching the key resistance zone just above $0.00003 and forming new yearly highs above $0.00005 could be a tedious job for the Shiba Inu (SHIB) price until market dynamics change.

Memecoins Gain Immediate Attention With GameStop’s Sudden Rise: Here’s Why Shiba Inu Might Miss the Bus

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