Upon reaching the $0.000017 level yesterday, Shiba Inu, a dog-themed meme token, experienced a more than 5% decrease as its price fell to an intraday low of $0.00001581. Nevertheless, the token exhibited a 17.10% uptick in value, signaling that today’s price dip coincides with the global market tendencies.
Besides, the SHIB coin has been consolidating around the $0.000016 zone since July 9. Also, the Relative Strength Index hovers around 41, indicating a balanced market sentiment. Meanwhile, Shiba Inu’s on-chain data reveals a significant uptick in buyer activity.
While a bid surge might indicate a temporary influx of buying power, it doesn’t necessarily promise sustained price growth. Instead, it should be viewed as a short-term indicator rather than a signal of enduring market strength. Currently, Shiba Inu is trading at $0.00001618 on the daily chart.
Is a Bullish Reversal on the Horizon?
Market experts believe Shiba Inu’s (SHIB) token is bullish in the long term. This market optimism comes amid a variety of developments taking place around the SHIB ecosystem.
Among these positive sentiments is the recent speculation curated by Shiba Inu’s marketing lead, Lucie, regarding a possible SHIB ETF. Moreover, the burn tracker Shibburn reported a massive surge of 3988.31% in the burn rate, further positing an upward sentiment for this meme-based investment.
Do I think a $SHIB ETF will happen?
Most definitely, because institutions have already discovered the beauty of Shiba Inu’s decentralized nature.
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 11, 2024
Should these positive metrics continue, the SHIB price could see an upward trend in the near future, potentially retesting the resistance at $0.000055, last seen in November 2021. A breakout above this level could signal solid bullish momentum, potentially pushing it to its all-time high.
On the same accord, Forbes forecast that SHIB could surge to a price level of $0.0003. This impressive prediction, outlined in a recent Monday report, implies a stunning possible appreciation of 1,700% for stakeholders from its present value.
Despite this positive outlook, SHIB could see a market correction should the bearish sentiment persist in the short term. As the token has struggled to overcome significant resistance levels, its prices might retest the $0.000011 level, last seen in February, to find support before attempting another bullish rally. A breach below this zone could further push SHIB prices to deeper levels around the $0.00000769 price range.
Also Read: Crypto Tycoon Justin Sun Debunks $69K Bitcoin Long Buy Myth
Credit: Source link