The altcoin market, always a hive of activity, is currently presenting a fascinating scene: right now, the Total3 index, which tracks the market cap of altcoins excluding Bitcoin and Ethereum, is hovering around $411 billion. This is a critical point, as it's interacting with a significant resistance level that previously acted as a barrier. Now, it's more of a pivot area, hinting at a potential uptrend, especially for meme coins like Shiba Inu (SHIB) and Floki Inu (FLOKI).
Source: TradingView
The market's current pause at this junction seems to reflect a collective breath-holding among traders, all eyeing past price patterns and waiting for a decisive move. The Relative Strength Index (RSI) has cooled down to a comfortable 45, stepping back from overbought territories. This suggests that there's still room for growth in SHIB and FLOKI before they hit their peaks. The ability of the altcoin market to maintain its bullish stance, despite various corrections, indicates a strong undercurrent of positive sentiment.
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Shiba Inu (SHIB) & Floki Inu (FLOKI) Recent Performance
Shiba Inu (SHIB) has seen a dip of 4% in the past day, reflecting the broader market's downturn. However, despite the overall weekly 2% drop, the asset has managed to cling onto a 2% fortnightly gain and a notable 20% increase over the last month.
2023 hasn't been great for SHIB – which is still down by 3% since the year began – but its prospects are looking up thanks to updates like the Shibarium network and Shib Name Service, improving transaction efficiency. With nearly four million transactions and 1.27 million wallet addresses, Shiba Inu (SHIB) is aiming for continued growth, potentially hitting $0.00001 soon and possibly $0.00002 by the New Year. Adding to this mix of bullish factors, the trading volume of SHIB hit $160 million, up 43% from yesterday. This spike in activity hints that even a big buy could significantly boost its price.
FLOKI, on a similar trajectory, fell by 7% in 24 hours and 14% over the week. Yet, like its counterpart, the meme coin has seen some recovery, boasting a 2% rise in the past fortnight and a 21% uptick in the last 30 days. Impressively, FLOKI has surged by 267% since the start of the year, hinting at a potential to rebound strongly in the next bull rally. Its recent success includes the FlokiFi Locker protocol, with a record Total Value Locked (TVL) of over $63 million. This milestone, surpassing Shiba Inu (SHIB) in utility, shows strong community backing for Floki Inu (FLOKI), signaling faith in its long-term value.
Shiba Inu (SHIB) Technical Analysis
In the current technical analysis of Shiba Inu (SHIB), the cryptocurrency is trading in a tight range, nestled between a support at $0.00000685 and a resistance at $0.00000848. The MACD is currently at 0.00000022, a level that hints at the market's indecisiveness. The RSI stands at 51.34, indicating a neutral momentum without leaning heavily towards overbought or oversold territories.
Source: TradingView
Moreover, the SHIB price is hovering around the Simple Moving Averages (SMA) for 10 days at $0.00000852 and 100 days at $0.00000776, while being closely aligned with the Exponential Moving Average (EMA) for 200 days at $0.00000837, suggesting a balanced interplay between short-term and long-term market sentiments.
Shiba Inu (SHIB) Bullish Scenario
If Shiba Inu (SHIB) breaks above $0.00000848, it can signal a shift in market sentiment, potentially driving the price towards the next resistance levels at $0.00000918 and $0.00001081. A corresponding uptick in the MACD above its current level would reinforce this positive momentum.
If the SHIB price starts to consistently trade above the 10-day SMA and crosses the 200-day EMA, it would further validate the bullish trend. Traders might consider capitalizing on this momentum by entering long positions at the breakout, with a keen eye on the RSI to gauge if the market is heading towards an overbought situation.
Shiba Inu (SHIB) Bearish Scenario
Conversely, a bearish outlook would take form if Shiba Inu (SHIB) drops below $0.00000685. Such a move could lead to a decline towards deeper support levels at $0.00000592 and $0.00000429. A declining MACD level would underscore the growing bearish sentiment.
A price fall below both the 100-day SMA and the 200-day EMA would further confirm a negative trend. In this scenario, traders might consider setting stop-loss orders just above the immediate support to manage risks, while also monitoring the RSI for potential oversold conditions, which could indicate a turnaround point or a deepening bear market.
Floki Inu (FLOKI) Technical Analysis
Floki Inu (FLOKI) presents an intriguing picture in its current technical analysis, poised between its first support level at $0.0000174 and its first resistance level at $0.00004658 – the range that is critical for determining the token's short-term trajectory.
Source: TradingView
The MACD level at a minimal 0.0000008 hints at a potential change in trend, while the RSI at a neutral 53.25 suggests a balance between buying and selling pressures. The SMA for 10 days at $0.00002962 and for 100 days at $0.0002310 provide contrasting views of the FLOKI performance in different timeframes, highlighting its volatility.
Floki Inu (FLOKI) Bullish Scenario
Should Floki Inu (FLOKI) break past $0.00004658, it would open the door to a strong upward momentum, aiming next for the second resistance at $0.00006083 and possibly eyeing the third resistance at $0.00009001. A sustained positive trend in the MACD would support this bullish scenario, signaling growing momentum.
Additionally, the RSI climbing above 60 would indicate increasing buyer dominance. The 10-day SMA serves as a critical juncture; staying above it would reinforce the bullish trend and potentially lead FLOKI towards testing its upper resistance levels.
Floki Inu (FLOKI) Bearish Scenario
On the flip side, a bearish case would unfold if Floki Inu (FLOKI) dips below its current level and falls through $0.0000174. This could trigger a slide towards the second support level at $0.00000247. A downturn in the MACD, turning negative, would imply diminishing bullish strength, while an RSI dropping below 50 would signal a growing bearish sentiment.
The 100-day SMA at $0.000231, well above the current price, underscores a long-term bearish outlook. If FLOKI fails to hold above the 10-day SMA, it could further exacerbate the downward trend, potentially leading to a more significant decline in its value.
Closing Thoughts
In the dynamic altcoin market, Shiba Inu (SHIB) and Floki Inu (FLOKI) stand out with their unique trajectories and potential. Both meme coins, while experiencing some volatility, display promising signs that align with the broader market's bullish undercurrent.
SHIB, with its latest tech updates like the Shibarium network, increased trading and strong user engagement, is gearing up for growth. FLOKI, on a similar upbeat path, is earning its stripes with the success of its FlokiFi Locker protocol; it's not just surviving the market's ups and downs but thriving, backed by a growing community belief in its long-term value.
Both Shiba Inu (SHIB) and Floki Inu (FLOKI), positioned at critical technical junctures, have the potential to capitalize on the market's overall positive sentiment.
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.
