Shiba Inu price has crashed, and technicals suggest that it has more downside to go as the crypto market rally fades. SHIB token was trading at $0.000012 on Friday, August 1, down by 50% from its highest point this year.
At the same time, crypto investors are shifting to Bitcoin Penguins (BPENGU), which could be the next big thing in the industry.
Shiba Inu Price Technical Analysis
The daily chart shows that the Shiba Inu price has struggled in the past few months. It initially peaked at $0.000033 in December last year and then plunged to a low of $0.000010 in April, down by 70%.
Its recent attempts to rebound have all failed. The first one found resistance at $0.00001755 in May, while the most recent one stalled at $0.000016. It has moved below the 50-day and 100-day moving averages.
Shiba Inu token has crashed below the Weak, Stop & Reverse point of the Murrey Math Lines at $0.00001260. All oscillators have pointed downwards, a sign that the selling pressure is intensifying.
Therefore, the token will likely continue falling as sellers target the next key support level at $0.00001020, its lowest level this year, which is about 18% below the current level. A drop below that price will indicate further downside, as it will invalidate the double-bottom pattern.
SHIB price chart | Source: TradingView
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Bitcoin Penguins is Gaining Traction
Shiba Inu price is crashing because of the ongoing crypto bear market. At the same time, it has plunged as investors have shifted to other high-flying meme coins in the crypto industry.
A good example of this is Pudgy Penguins (PENGU), a token whose price has surged by over 500% from its lowest point this year. Other popular tokens that have gained market share in recent months are Fartcoin and Dogwifhat.
Meanwhile, Bitcoin Penguins, a new crypto project that launched in presale this week, is gaining traction. It has already raised close to $2 million in the last four days, and its momentum has been gaining by the day.
BPENGU’s success is largely due to its positioning as a newer and fresher alternative to Pudgy Penguins. For one, while PENGU is associated with Ethereum, BPENGU has positioned itself with Bitcoin, which is known for its store-of-value characteristics.
Bitcoin Pengu is hoping to list its token in less than 30 days or when the token sale hits the $10 million milestone. As such, if the momentum continues, it will likely hit this level next week or the following one.
The developers believe that its fundamentals, such as the fact that it is a community project, will help push its market capitalization to over $2 billion, matching Bitcoin Penguin at its peak. Hurry up and buy Bitcoin Penguins here.
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