The Bitcoin price has soared above $62,500 and circulated bullish waves across the markets. Meanwhile, primitive memecoins are gaining traction alongside Bitcoin, while popular memecoins are largely ignored by users. As a result, Shiba Inu & Dogecoin have initiated a fresh bullish spell but appear to trade within a restrictive environment.
In an interesting update, Keith Gill, the man behind the 2021 Gamestop short squeeze, returned, shocking the entire crypto space. While some are hopeful of a resurgence of a similar rally, many remain doubtful of the next price action. This move has benefited the memecoins, which had an eyebrow-raising start for the week.
As per the data from Santiment, the trading volumes exceeded over 34%, with the memecoins turning highly volatile, which could be a good buying opportunity.
The above chart indicates a huge rise in the trading volume of the token, which has been highly influenced by the Gamestop episode. Alongside Bitcoin, PEPE, MAGA, MOG, PONKE, PEPE2.0, SPX, & ANALOS offer major volatility opportunities, while DOGE & SHIB do not appear to be interesting trades for market participants. Hence, both the tokens face a huge barrier to breaching the key resistance levels.
Will Shiba Inu (SHIB) Price Break Above $0.0003?
Shiba INU appears to have been stuck within a range within a decisive symmetrical triangle, within a descending trend. Therefore, the massive growth of the bearish influence over the token may compel the price to break the lower support zone very soon.
As seen in the above chart, the bulls are slowly gaining strength as the SHIB price is ranging towards the upper resistance of the descending channel. Besides, the price has found a strong base in the form of an ascending trend line, due to which the pattern formed is a decisive symmetrical triangle. On the other hand, the Average True Range or ATR, is plugging hard, suggesting a huge drop in volatility.
The Gaussian channel that sheds light on the prevailing trend is currently bearish but displays the possibility of repeating the previous trend. As the bearish channel prevailed for a while in Q1 2024, the price maintained an ascending consolidation, followed by a bullish breakout. If a similar action repeats, then a major upswing could follow.
However, observing the current market dynamics and the santiment report, market participants appear to be attracted by other, primitive tokens. Hence, breaching the key resistance zone just above $0.00003 and forming new yearly highs above $0.00005 could be a tedious job for the Shiba Inu (SHIB) price until market dynamics change.
