There's never a dull moment in the cryptocurrency market. Lately, we've seen it shake off the bearish blues as the bulls take the reins. Bitcoin's impressive rebound, marked by a 4% leap, has cast a ripple of optimism across the entire crypto domain, especially for meme coins like Shiba Inu (SHIB). The newfound energy of SHIB comes just as Solana's Bonk (BONK) is regaining its recent slump. After losing 11% of its value, BONK is making a surprising comeback, soaring almost 50% in just 24 hours.
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Shiba Inu (SHIB): From Meme to Mainstream on Coincheck
The dynamic performance of Shiba Inu (SHIB) is not just because of its cute dog mascot – the buzz is real, especially with Coincheck, a big player in Japan's crypto exchange scene, announcing they're adding SHIB to their lineup from December 14th and opening doors to a whole new crowd of traders, which can potentially pump up the meme coin's value. Shiba Inu (SHIB) is also stepping into the NFT marketplace on Coincheck the very next day.
On the charts, SHIB is showing signs of a comeback, with a 7% jump in the last day, thanks to buyers jumping back in. But that's just the tip of the iceberg – Shiba Inu (SHIB) has been on a roll this year, especially with the launch of Shibarium, a platform that's making SHIB transactions quicker and cheaper. The network's stats are mind-blowing: over 100 million transactions and counting, with more than 1.3 million wallet addresses now in play. And it's not just about numbers; the platform's bustling, averaging 7.5 million transactions daily.
Shiba Inu (SHIB) Technical Analysis
Looking into the technical analysis, Shiba Inu (SHIB) is currently trading between its first support at $0.00000912 and first resistance at $0.00001111.
Source: TradingView
The bullish scenario is reinforced by the increasing involvement of crypto whales, evidenced by a 363% increase in whale transactions in December, pushing the asset's value up by 24% over the last two weeks. The Simple Moving Average (SMA) indicators, with the 10-day SMA at $0.00000967 and the 100-day SMA at $0.00000922, alongside a healthy RSI of 60.1, suggest a strengthening momentum that can propel SHIB past its immediate resistance towards more ambitious targets at $0.00001188 and $0.00001387.
However, the Stochastic %K at a high 92.46 points towards an overbought condition, which could hint at a potential pullback or consolidation in the near term. The Average Directional Index (ADX) at 24.7 and MACD level at 0.00000002 indicate a less decisive market trend. On the bearish side, any significant dip below the current support level could see Shiba Inu (SHIB) testing lower supports at $0.0000079 or even $0.00000591.
Bonk (BONK): From Coinbase Listing to Market Whiplash
Bonk (BONK) caught the crypto world's attention with a dramatic listing announcement by Coinbase, leading to a quick 15% price spike, only to be followed by a 20% plunge. Adding to the intrigue, a Solana wallet labeled "Coinbase 2" was spotted moving a hefty amount of BONK, hinting at the exchange's active involvement with the token. Despite these ups and downs, Bonk (BONK) is showing some grit, slowly picking itself up after the tumble.
It's been an eventful season for the meme coin, soaring an astonishing 720% over the past month and an even more staggering 3,000% recently. Now in the top three of the dog coin realm, Bonk (BONK) still has quite a journey ahead to reach the towering heights of its famed counterparts like Dogecoin (DOGE) and Shiba Inu (SHIB).
Bonk (BONK) Technical Analysis
Technically, the story of BONK is just as gripping: currently nestled between its first support at $0.0000069 and resistance at $0.00001653, it's treading a delicate line.
Source: TradingView
The short-term outlook seems bright with the 10-day SMA at $0.00001257, while the 100-day SMA at $0.00000824 suggests a steady climb over time. The RSI nudging close to 68 hints at an overheated market, echoed by the sky-high Stochastic %K of 96.3. If Bonk (BONK) keeps its bullish momentum, breaking past the current resistance could see it aiming for new heights at $0.00002051 and even beyond, at $0.00003014.
However, the ADX at 26.87 shows a weaker trend strength. The CCI at 174.44 and the MACD at 0.00000085 both signal a bullish trend, but the high momentum value of 0.00000379 suggests potential for volatility. A slip-up could send BONK tumbling back to its initial support level, and in a worst-case scenario, even lower towards $0.00000126.
Final Words
In the whirlwind world of meme coins, Shiba Inu (SHIB) and Bonk (BONK) are stirring up excitement. SHIB leaps into Japan's bustling crypto market through Coincheck and dives into the NFT scene, while its price is dancing upwards, signaling a growing trust among investors. On the other hand, BONK is on its own rollercoaster ride, from the Coinbase listing buzz to the market swings, however, its impressive rise and newfound status among the top dog coins show it's a player to watch out for. Together, Shiba inu (SHIB) and Bonk (BONK) are painting a vivid picture of the crypto landscape: always moving, always surprising, and full of opportunities for the bold.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
