While Bitcoin‘s price continues to hover around the $42,000 levels, statements from the Federal Reserve could potentially dampen the optimism. However, expecting significant cuts in interest rates for the upcoming year would be unreasonable. So, what’s the latest on the Shiba Coin front?
Shiba, the second-largest meme coin, has been following a declining resistance line since January. A significant drop occurred until June 10th, hitting a low at $0.0000048. After four unsuccessful breakout attempts, the resistance line was breached on December 3rd, aided by a swift recovery in BTC prices. However, this time there was no close above the resistance area, and the falling candlestick on December 11th dampened the spirits of the bulls.
On December 12th, the sixth issue of Shib magazine was released, and Shibarium surpassed the 100 million transaction threshold. Nevertheless, despite its exciting products, Shiba Coin is unable to support its price with news, which shows a lack of confidence due to many failed attempts. The situation is not good with Metaverse, NFT, DeFi, and now a failed layer2 solution.
Shiba Coin is trying to establish its own ecosystem in the meme coin space, but if it cannot garner enough demand for its products, it might remain overshadowed by new and popular competitors like BONK Coin. If new meme coins such as PEPE and BONK keep the interest alive in 2024, this is not a good sign.
The six-hour chart’s Elliot wave count indicates a new upward movement. The most likely count suggests that the price is in the third wave of a five-wave upward movement. However, BTC does not allow for the expected growth of this peak wave. Even though the price fluctuates around the zero drop threshold, every BTC drop triggers Shiba Coin sell-offs.