Shiba Inu Coin price prediction: SHIB, a meme-based cryptocurrency, has experienced a notable rebound in the past 24 hours. The meme coin price, following a consistent upward trend, is exhibiting bullish signals across the trading board. During US trading hours, the Shiba Inu price hovered at $0.00001559, making a surge of 12%.
According to CoinMarketCap data, Shiba Inu’s current market capitalization is $9 billion, making it the 13th largest cryptocurrency. This resurgence in value is coupled with a significant increase in trading volume, up by 26% within the same period to $359 million.
Shiba Inu Coin Price Forecast: Bullish Signals Suggest Further Gains
The meme coin Shiba Inu saw a notable surge in value, reversing its recent downtrend after it dipped to a low of $0.0000127 on Friday. The momentum remains strong as of the latest updates, suggesting further potential for gains. This recovery mirrors a slight bullish shift observed across the cryptocurrency spectrum.
Shiba Inu Coin Price Forecast
Over the last week, Shiba Inu experienced minimal fluctuations, reflecting a broader market slump. This period of limited movement is pivotal for its trajectory. Recently, the cryptocurrency market registered an 8% decline, contributing to substantial losses across various digital currencies, with a notable 38% decrease this month. Currently, the Shiba Inu market is showing signs of recovery.
Shytoshi Kusama Announounces Next Visit to Mumbai
Shiba Inu chief developer, Shytoshi Kusama, recently shared that his next visit will be to Mumbai, India. This revelation comes after a stirring presentation at the IVS Conference in Kyoto, Japan. In his inaugural public appearance, Kusama drew significant attention from the SHIB Army.
His announcement has sparked enthusiasm within India’s Shiba Inu followers. Reflecting on the successful Kyoto event, Kusama expressed his gratitude to X, stating, “Thank you, Kyoto! Great event @IVS_Official! Next stop… Mumbai!” This move indicates another likely surge of excitement among the community in Mumbai’s vicinity.
Shiba Inu Coin price prediction is currently at a critical juncture, poised just below the resistance level of $0.000017. If momentum swing in its favor, SHIB could break past this threshold. This could propel its price towards $0.00002 and potentially even $0.00003, signaling a robust bullish trend for the cryptocurrency.
However, if SHIB struggles to overcome this barrier, a decline to $0.000015 might be imminent. Further bearish sentiment could push its value down to $0.000014. In a more severe downturn, the price could drop below $0.00001.
Technical analysis shows potential for further price Surge.
The 4-hour technical indicators for the Shiba Inu cryptocurrency on the Coinbase exchange indicate a recovery after a decline. The Moving Average Convergence Divergence (MACD) has just seen its MACD line cross above the signal line, suggesting a bullish reversal could be on the horizon.
Shiba Inu Coin Price Forecast| Source: TradingView
The Relative Strength Index (RSI) stands at 50, marking a neutral position. The Awesome Oscillator, shown in green and red bars, shifts from a bearish to a bullish momentum as the bars turn green. Meanwhile, the Average Directional Index (ADX), currently at 35.78, suggests a strong trend, emphasizing the increased market activity around SHIB.
Frequently Asked Questions (FAQs)
Both SHIB and Dogecoin are cryptocurrencies and meme coins inspired by the Japanese Shiba Inu dog. However, they operate on different systems; Dogecoin has its own dedicated blockchain, while SHIB is built on the Ethereum blockchain, making their technical frameworks distinct.
To acquire SHIB safely, it is advised to use well-known cryptocurrency exchanges such as OKX, Kraken, Binance, and Coinbase.
The “WoofPaper” refers to SHIB’s whitepaper, which serves as the foundational document of the cryptocurrency.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.