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The price of the Shiba Inu has plummeted 14% in the last 24 hours to trade at $0.00003198 at 7 a.m. EST with a 60% drop in trading volume to $4.7 billion.
SHIB’s drop comes amid a broad sell-off in the meme coin sector after a rally fueled by Bitcoin pumping to a new all-time high.
Shiba Inu Price: Are Buyers Preparing for Another Bullish Rally?
SHIBUSDT Analysis by Tradingview
Shiba Inu price indicates a gradual uptrend after experiencing a long period of consolidation. During this time, a support zone formed at $0.00001030, which helped the bulls push the price higher.
However, the bulls encountered resistance when the price reached the $0.00004512 level, which generated pressure from the bears and pushed the price towards $0.00002853. This formation has created a bullish pennant, indicating a continuation of the uptrend.
The bulls have shown resistance, bouncing twice as they gather strength at the $0.00002853 support level to initiate a bullish rally above the bullish pennant.
The price is trading above the 50-day and 200-day simple moving averages (SMA), which are currently supporting the price. The moving average crossover at $0.00001040 affirms the generally bullish outlook for Shiba Inu price.
The Relative Strength Index (RSI) is also indicating a bearish trend as it consolidates at the 50 midline level. A bounce from this level could send the RSI back into the overbought region, indicating intense pressure. purchase on the price of Shiba Inu.
Shiba Inu Price Bulls Target $0.00006288 Mark Above Pennant
Shiba Inu price has a bullish bias as the bulls aim to push the price towards the $0.00006288 mark. The support zone at $0.00002863 and the golden cross at $0.00001040 support further upside potential. If momentum remains strong, a breakout of this level could see SHIB reach a new all-time high in the coming weeks.
On the contrary, the RSI being in the overbought region could trigger a possible price correction. This could encourage the bears to take control and drive the price lower, forcing the bulls to retreat to the $0.00001216 support zone.
While Shiba Inu traders wait for new favorable entry positions, some investors are attracted to the new eTukTuk token, which is opening the doors to a greener future in transportation with its $TUK token pre-sale.
Go green with eTukTuk token
eTukTuk is an innovative transport initiative with green ambitions and the potential to bring positive change to developing nations. Its pre-sale has already accumulated more than 1.78 million dollars.
The project is dedicated to helping TukTuk drivers in developing countries in South Asia and Africa in a bid to address issues related to carbon emissions, improve public health and promote financial inclusion.
“Breakout crypto eTukTuk is working to improve urban transportation in developing countries with electric vehicles and blockchain technology.” – @criptonoticias
Read more here: https://t.co/7hr62WePzm
— eTukTuk (@eTukTukio) February 8, 2024
To this end, the project team aims to revolutionize transportation with electric tuk-tuks (compact three-wheeled vehicles) powered by AI and environmentally friendly charging stations backed by blockchain.
1/ Fasten your seatbelt!
The automotive industry is on the brink of an electric revolution.
From $278.7 billion in 2022 to a staggering $72.798 billion in 2050, the global electric vehicle market is not only growing; is rewriting the rules of the road 🌐🔋 pic.twitter.com/gwH9G8fk81
— eTukTuk (@eTukTukio) March 5, 2024
The TUK token serves as the core of this ecosystem, powering various functions, from AI-powered efficiency improvements to predictive maintenance.
Earn rewards by betting and playing to win
The development team has an interesting roadmap that includes the introduction of a play-to-earn (P2E) game. In this game, players will transport passengers to various destinations on the bustling streets of Sri Lanka and earn $TUK tokens by successfully completing missions.
eTukTuk also offers a staking program with returns of up to 138% for early investors.
Introducing the purchase and participation mechanism, get $TUK tokens and stake them instantly, initiating a dynamic APY.
Early entrants enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair and attractive incentive structure for all. 💫 pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
Alessandro De Crypto, crypto analyst and Youtuber, says that eTukTuk has the potential to experience significant growth upon launch.
Investors interested in taking advantage of eTukTuk’s growth can purchase TUK tokens for $0.02775 each. If you’re interested, buy soon because the price will increase in about six days, or sooner if the stage sells out.
Visit the official eTukTuk website to buy TUK tokens. You have the option to exchange BNB or USDT for TUK tokens, or you can buy them directly with your bank card.
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