Shiba Inu price has crashed this year, with all its recovery attempts hitting a dead end. The SHIB token was trading at $0.0000120 on Wednesday, down by over 25% from its highest level in June. This article conducts a technical analysis of the SHIB coin and highlights how investors are moving to Bitcoin Penguins.
Shiba Inu Price Technical Analysis
The daily timeframe shows how Shiba Inu has come under intense pressure this year. It initially surged to a multi-month high of $0.00003340 in November last year and then plunged by over 70% to the year-to-date low of $0.000010.
All its attempts to bounce back have failed. The first one failed at $0.00001762, while the other one backfired at $0.00001596 on July 10th.
The most recent retreat was notable because the Shiba Inu price formed a double-bottom pattern at $0.000010 and a neckline at $0.00001762. This pattern usually leads to a strong bullish reversal.
There are now risks that the SHIB price is slowly forming a descending triangle pattern, a popular bearish continuation sign. If this happens, it means a bearish breakdown will occur, initially to the lower side at $0.000010.
A break below that level will lead to more downside as it will validate the descending triangle.
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Bitcoin Penguins Promises 1000x Return
The ongoing Shiba Inu price crash has pushed more investors to Bitcoin Penguins (BPENGU). Data on its website confirms that it has raised close to $2.1 million in just a week.
Bitcoin Penguin is attracting investors’ attention because its name is made up of two of the most popular cryptocurrencies. Pudgy Penguins token has become highly popular and has jumped by over 1,000% since its inception. It became the first meme coin to embrace the penguin theme.
BPENGU also has Bitcoin, which is widely seen as one of the most important stores of value in the crypto industry.
As such, investors believe that Bitcoin Penguins has the potential to be a major disruptor in the crypto industry. For one, its developers believe that their planned initiatives will push its price up by 1,000x to $2 by December.
At the same time, early investors expect to receive a solid return if they decide to sell it after its token generation event (TGE) happens later this month or early September. That’s because each BPENGU is selling for $0.00116, which is much lower than the eventual listing price of $0.00198.
Bitcoin Penguins’ creators could have become greedy and allocated most of the tokens to themselves. However, they did not, as they envisioned it to be a real community project. Instead, they are allocated just 3% of all tokens, while the presale has 55%.
To learn more and to buy Bitcoin Penguins, check out the Official Website.
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