As meme coin markets strive to rebound from a significant dip, volatility remains high. Shiba Inu is particularly hard-hit, with its price tumbling once again.
This article will provide an analysis of SHIB’s current price trends and look to see whether an innovative new meme coin, PlayDoge, represents a more promising investment opportunity at this time.
I told you this day was coming… $SHIB will step out into the light to become a POWERHOUSE international enterprise. @ShytoshiKusama is step 1, he will lead the way!!! #1CentDreamSHIB https://t.co/cRPUvyUYmc
— Del Crxpto (@DelCrxpto) July 1, 2024
Community members throughout the Shiba Inu scene are currently shifting into strong bullish sentiment despite the downtick in price action amid news that SHIB has finally made its first US payment partnership and further tease from top developer Shytoshi.
SHIB Price Analysis: How’s Shiba Inu Price Shaping Up In July 2024?
As price action fights to hold position, Shiba Inu is currently trading at a market price of $0.00001715 (representing a 24-hour change of +0.29%).
This comes as SHIB price continues its -62.45% cascading downturn, which has gripped the chart since rejection from resistance at the YTD high around $0.000045 on March 5.
Despite continued efforts by developers like Shytoshi, and legioned loyalty from the SHIB army, it seems nothing can halt the ongoing downside move – with SHIB price firmly trapped in a descendant trajectory by the 20DMA.
More worryingly, this key 20DMA has now converged with the higher price level at $0.000018 to create a seemingly bullet-proof layer of upside resistance.
Furthermore, the loss of support at $0.000018 has left the SHIB price extremely vulnerable to a capitulation drop that could see Shiba Inu holders cast back to the same levels as 2023.
Therefore, the past week of consolidation above rock-bottom support at $0.00001625 is now critical – with a bounce from here back above $0.000018 representing the sink-or-swim moment for SHIB price action over the coming month.
But while the outlook for SHIB looks bleak in the coming weeks, a potential boost from fundamental growth will sustain SHIB army hopium for the time being – and remember, any dip could represent a strong buying opportunity ahead of Q3.
It’s also noteworthy that Shiba Inu’s RSI has cooled off to a strong bullish signal, indicating a significant capacity to push to the upside.
Nevertheless, with SHIB price analysis shifting bearish, it’s no wonder meme coin traders are increasingly shifting their attention away from the legendary Shiba Inu to a newer dog-coin play with bigger growth potential
Discover PLAY Token: Here’s Why PlayDoge Could Become Biggest Dog Coin of Summer 2024
As meme coin investors scramble to find the next big opportunity in Dog-themed cryptocurrencies, a likely contender is rapidly emerging in PLAY token – which is currently undertaking a viral presale raise that so far has seen more than $5.3m flood-in over just two weeks
Inspired by the legendary and nostalgic Tamagotchi digital pets of the 1990s, PlayDoge aims to bring fun digital pet ownership to Web3- and this time, it’s DOGE!
This unique GameFi launch offers users the chance to own and keep their very own PlayDoge pet, a cute and charismatic little 2D rascal – which you can care for, upgrade, and customize through an innovative play-to-earn mechanism.
Introducing #PlayDoge – the only #P2E Doge companion!
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY.
Don't neglect your doge, his life's on the line
Join the #Presale Now
https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024
Yup, you heard that right. This isn’t just a meme coin.
PLAY token boasts triple-earning potential stemming from its play-to-earn functionality, high APY reward staking (currently 113%), and the potential 100X returns anticipated for early presale investors once it hits DEX markets.
Follow PlayDoge on X and Telegram for the latest updates.
Buy PLAY at Presale Here
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