Shiba Inu’s (SHIB) price has stagnated recently, struggling to stay above the key $0.000010 level.
Considering this poor price action, a well-known analyst has predicted further downside for SHIB as investor demand weakens.
However, while Shiba Inu falters, a new meme coin called Meme Kombat (MK) is gaining steam in its presale – with backers betting it could surge 10x once launched on exchanges.
SHIB Struggles to Gain Momentum as Bearish Wave Emerges
SHIB is struggling to regain momentum after the 22% price drop from last month’s high to current levels around $0.0000092.
The meme coin had surged throughout October and November on the back of strong retail interest, but that buying frenzy appears to have dissipated.
SHIB is still up significantly from October’s low of $0.0000066, but technicals paint a bearish picture in the short term.
The 50-day exponential moving average (EMA) was broken to the downside on Saturday, signaling that further price drops could be imminent.
Additionally, daily spot trading volumes remain weaker than in the final months of 2023, with only $200 million worth of SHIB exchanging hands in the past 24 hours.
Without a new catalyst like an additional use case or celebrity endorsement, traders see little reason to buy SHIB at this point.
The next key support level lies around $0.0000081 – and given SHIB’s current bearish momentum, it seems likely that the price could test this level soon.
Leading Analyst Issues SHIB Warning as Double Top Hints at Further Plunge
Renowned crypto analyst Alan Santana issued an ominous warning for Shiba Inu holders on Twitter over the weekend.
In a tweet from January 6, Santana pointed to a confirmed double-top pattern on the daily SHIB chart that signals potential downside ahead.
Specifically, Santana notes that since August, SHIB has rejected a rising trendline and plunged in value each time.
This demonstrates waning buying momentum around the trendline – indicating a local top.
Bearish volume has also started outpacing bullish activity, with SHIB’s RSI sliding below 50.
Again, this reflects growing selling pressure as SHIB struggles to keep the bulls engaged.
Given the confluence of bearish factors, Santana has set a downside price target of $0.0000079 for SHIB, representing another 14% drop from current levels.
With the meme coin already stuck in a downtrend, Santana urged traders to “take action” before it’s too late.
Trending Meme Kombat Presale Fuels Hype for 10x Potential Post-Launch
As Shiba Inu grapples with a bearish wave, a new meme coin project called Meme Kombat (MK) aims to capture investors’ attention.
This innovative crypto combines gaming and staking rewards into one immersive platform centred around AI-powered battles between popular meme characters.
Over $6.3 million has been raised in the ongoing MK presale as crypto influencers take note of the project’s fundamentals and fun use cases.
Popular YouTube trader Matthew Perry even touted Meme Kombat as his top pick for a potential 10x gem after reviewing its whitepaper and roadmap in a recent video.
Perry sees Meme Kombat becoming a rising star in the meme coin space, developing a strong and vibrant community along the way.
Moreover, with 50% of the total supply set aside for presale participants, early backers stand to gain the most upside if Perry’s 10x price forecast proves accurate.
As Meme Kombat heads towards its Uniswap listing, the developers’ credentials and the ongoing hype give it legitimate breakout potential.
Boosting Meme Kombat’s prospects even further is the smart contract audit from Coinsult, which gives MK a level of transparency that most other meme coins lack.
This transparency, combined with Meme Kombat’s eye-catching branding and growing social media presence, could position it as a serious contender in the meme coin space.
