Shiba Inu is in the midst of struggling performance, after SHIB price fell -11% following rejection from upper trendline resistance, leaving some dejected bag-holders asking ‘is SHIB going to zero?’.
With downside movements gaining a grip on price action, vast amounts of SHIB have began to move on-chain.
4,262,142,892,684 #SHIB (43,896,875 USD) transferred from unknown wallet to unknown wallethttps://t.co/8Dtm2WYTvB
— Whale Alert (@whale_alert) December 17, 2023
Amongst the biggest whale movements in recent Shiba Inu records, a huge 4.2Tn SHIB was moved between unknown wallet addresses yesterday, given the private nature of the transaction and with no evidence of exchange connections this is likely a move related to private self-custody.
SHIB Price Analysis: Is Shiba Inu Going to Zero as Trillions of SHIB Tokens Move On-Chain?
But nevertheless, with huge quantities of SHIB on the move, markets have been spooked, and this leaves Shiba Inu currently trading at a market price of $0.00000978 (Representing a 24-hour change of -5.05%).
The downside move has been triggered by rejection from upper trendline resistance around $0.00001187 – a level untouched since April 16.
This could mark the start of a major retracement for SHIB, with this historical resistance level triggering a multi-month -53% slide back in April.
However, with price now consolidating above the immediate support of the 20DMA at $0.00001, support could be found here.
This reduces downside risk, and is encouraged by a further layer of lower moving average support offered by the 200DMA at $0.000008.
Meanwhile, the downtick in SHIB price action has markedly improved SHIB’s positioning on the RSI indicator – which has cooled down from a severely overbought reading to a more calm and collected 52.58.
Near neutral scoring on the RSI highlights the potential of a bounce here, and this is bolstered by a display of minor bullish divergence on the MACD (which reads 0.00000002).
Overall then, SHIB has began to form a healthy layer of consolidation at lower support, that could set the stage for a resumption of upside movements – perhaps heading into a second-retest of localized topside resistance.
To the upside, SHIB is therefore targeting a climb back up to $0.0000187 (a potential +20.5%).
And SHIB’s downside risk threatens a fall to lower support around $0.00000847 (a possible -13.9%).
This leaves SHIB with a current risk: reward proposition of 1.47 – a reasonable entry characterised by moderate upside potential, and certainly not going to zero anytime soon.
But while SHIB could attempt a second-retest, traders looking for more certain gains are being drawn to a new presale with skyrocketing meme potential.
Meme Kombat Blasts Past $3.7M In Skyrocketing Presale – Don’t Miss The Next SHIB?
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
We’re closing in on $4 million raised
Already passed $3.7 million! $MK pic.twitter.com/qRZbWYwfaK
— Meme Kombat (@Meme_Kombat) December 18, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.257, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Shiba Inu Going to Zero? SHIB Price Suddenly Drops 11% as New Meme Coin Takes the Limelight appeared first on Cryptonews.