Shiba Inu Chart Hints a Potential Downturn as a New Multi-Chain Meme Coin Rises

Shiba Inu (SHIB) has been in the news lately due to leadership controversies, causing a stir in the cryptocurrency market. Analyzing its recent performance reveals key levels on its chart, helping us understand its volatile price movements.

Meanwhile, another promising project with a Shiba Inu theme, Base Dawgz, has raised over $2.5 million in its presale, suggesting its potential for significant growth.

Could this new meme coin be a potential investment amidst the $SHIB controversy?

Shiba Inu (SHIB) price analysis

The recent price action has seen Shiba Inu (SHIB) bounce aggressively off the 0.5 Fibonacci retracement area. This level typically indicates the direction of the market. Had Shiba Inu consolidated below this level, it could have confirmed a trend reversal and expected further downside.

However, the bounce from this level suggests a continuation of the bullish trend, despite the parabolic nature of the recent price movement. Parabolic moves often indicate potential pullbacks. Monitoring the next daily candle close is essential.

The recent close below the 0.382 Fibonacci retracement is bearish, while closing above the 200 EMA is bullish. The mixed signals suggest resistance and the possibility of a pullback.

If another candle closes in this unfavorable area, it may lead to a substantial pullback, potentially testing the 21 EMA. The stochastic indicator points to a potential downside with high momentum, indicating a possible pullback.

Traders should watch for a spinning top candlestick pattern, which could confirm misdirection and a subsequent pullback. In such a scenario, a breakout from the 200 and 21 EMAs down to the 55 EMA and the consolidation point could offer a trading opportunity.

The potential for a pullback is high, and traders should monitor key levels and indicators closely.

A bearish trend might emerge if critical supports are broken, offering trading opportunities for those prepared. For those seeking alternative investments, check out our 2024 guide to the best meme coins to buy.

Base Dawgz (DAWGZ), an intriguing new project within the Shiba Inu theme, has gained significant traction.

This multi-chain meme coin is built on the Base Chain, a layer 2 solution on Ethereum. With over $2.5 million raised in its presale, Base Dawgz demonstrates strong community support and investor confidence.

Base Dawgz aims to be the first multi-chain meme coin asset, offering seamless interoperability across several blockchains, including Ethereum, Binance Smart Chain (BSC), Avalanche (AVAX), and Solana.

This cross-chain capability ensures users can navigate the decentralized world without limits, making Base Dawgz a unique and innovative addition to the meme coin space.

The project is designed for those who crave adventure and innovation, pushing the boundaries of what’s possible in the crypto space.

Base Dawgz provides a high-octane journey, offering participants the chance to join a vibrant community and experience the thrill of seamless multi-chain trading.

Base Dawgz stands out with its well-defined and equitable tokenomics, guaranteeing a fair distribution of tokens for various purposes.

This robust structure is further validated by the project’s thriving presale, which highlights strong community backing and investor confidence.

GM $DAWGZ

Say it back if you want to fly! pic.twitter.com/T47D1m0Itf

— Base Dawgz (@BaseDawgz) July 18, 2024

The belief in Base Dawgz’s potential is further amplified by numerous crypto experts and YouTubers publicly revealing their investments in the project.

This widespread exposure through the presale and media coverage has undoubtedly bolstered investor confidence, setting the stage for Base Dawgz’s future success. Base Dawgz also emphasizes community engagement.

An airdrop encourages users to join the community, create memes, and connect their accounts to participate. This approach fosters a sense of belonging and excitement within the Base Dawgz ecosystem. Potential investors can visit our guide on how to buy Base Dawgz tokens here.

Conclusion

Shiba Inu’s recent price action is a puzzle, hinting at both a possible uptrend and a potential pullback. By closely monitoring key indicators and levels, traders can navigate this volatility and potentially capitalize on price movements.

Meanwhile, a new meme coin project called Base Dawgz is poised to shake things up.

With its focus on multi-chain compatibility and fostering a strong community, Base Dawgz offers a unique opportunity for investors to join a project on the ground floor and be part of the next big thing in the meme coin space. To participate in the $DAWGZ token presale, visit basedawgz.com.

Related

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