Is it Too Late to Buy Shiba Inu? SHIB Price Keeps Falling But SpongeBob is Rallying Higher – 100x Potential in 2023?
The SHIB Army are in disarray after 28 days of downside price action for the beloved SHIB token.
Despite the explosive 2023 meme coin season, SHIB has been sidelined by lucrative returns from prominent moon shots like Pepe coin and Wojak.
Currently trading at $0.0000086 (a 24 hour change of -1.25%), SHIB bulls have worked to form a strong consolidation foothold above lower trendline support.
With pricing coiled up for a decisive move, SHIB is targeting a major retest of local resistance from key moving averages the MA20 ($0.0000095) and the MA200 ($0.00001050).
Indicators for SHIB provide much needed silver lining with the RSI sat extremely oversold at 27, and the MACD only showcasing minor bullish divergence at -0.00000003.
This leaves SHIB in good form with minimal downside risk following a week of well-defended consolidation at the ongoing support level, a tumble here could see SHIB slide to $0.0000075 (-12.7%).
However, a successful retest of moving averages could see SHIB surge up to $0.000010 (+16.2%).
This leaves SHIB with a reasonable Risk: Reward ratio of 1.27, however, after being side-lined by +2,000% pumps - the prospect of a humble +16.2% return isn't very enticing.
To all those busy chasing SHIB's tail, a captivating alternative is already making waves in the market, outshining its predecessor with a promising performance.
SpongeBob Token ($SPONGE) is the new wonder of the meme coin universe, stirring up quite a storm among investors who are eagerly seeking a more profitable and reliable option.
Imagine boarding the crypto rocket right before the launch - that's what investing in $SPONGE feels like.
The token, still in its infancy, has astoundingly demonstrated resilience during market downturns, setting a course that
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