The Surge of SHRUB Crypto Coinage by 5 Times in One Week After Stirred by Elon Musk’s Enthusiasm
SHRUB token has witnessed a remarkable surge of 265.34% over one week but encountered a 20.09% decline on November 18th.
Presently, SHRUB boasts a market capitalization of $124.89 million. Despite the setback, the interest in this meme coin remained robust, with a 2.35% rise in daily trading volume, indicating sustained market engagement.
There were assumptions that there might have been a subtle allusion to SHRUB by Elon Musk in a tweet where he highlighted a shrub adjacent to SpaceX rockets. This was construed as a playful hint to take the meme coin “to Mars.”
This implicit connection between SHRUB and Musk’s tweet about “exciting times” could potentially ignite further curiosity around the meme coin, contributing to its recent buzz and market activity.
Can SHRUB Maintain Critical Support?
On SHRUB’s hourly chart, there was a consolidation pattern following a sharp retreat from recent peaks, with the price standing at $0.1379.
The market displayed hesitancy, with the price lingering close to the Ichimoku Cloud. This indicated a neutral to somewhat bearish sentiment in the short term.
Nonetheless, the crucial support level at $0.13280 holds significance for the upcoming price movement. If this support remains intact, it could serve as a launchpad for another significant surge of up to 122%, rekindling bullish momentum.
The Ichimoku Cloud showed conflicting signals, with the price testing crucial thresholds that could determine the next trajectory.
The trading volume remained subdued at 4.446K, signifying limited market activity in this consolidation phase.
The Money Flow Index for the meme coin stood at 21.23, indicating oversold conditions that might lure buyers, paving the way for a rebound.
A breach above the $0.16450 resistance level alongside increased trading volume would bolster the argument for a bullish breakout. Conversely, a failure to maintain $0.13280 could lead to further declines.