Key Insights:
- Shiba Inu has entered a key buying zone after breaking out of a falling wedge pattern earlier in 2024, signaling a potential reversal.
- Analysts highlight major resistance levels at $0.00001693, $0.00002485, and $0.00004022, with a long-term Fibonacci target of $0.00007380.
- SHIB inu price prediction
Shiba Inu price is still bearish and trading below its market value due to repeated price fluctuations. The token has lost 2.2% in the past 24 hours while declining by 13.7% over the week. In the last two weeks, SHIB’s price has been down by around 18.1%, and the monthly loss is now at 19.7%.
Shiba Inu price Finds Temporary Support After Recent Drop
Shiba Inu price is currently trading at $0.00001231 after it fell to $0.00001155, which was a slight support level. Consequently, it can be attributed to broader market conditions, as SHIB fails to sustain the upsurge in prices. There has been quite some decline recently, however, most analysts stress that it is the right time to start accumulating.
According to TradingView analyst, The Hunters_Company, SHIB price had been trading in a falling wedge pattern previously. From this pattern, there was a breakout in early 2024 and caused a steep rise. However, in the later trading price bar, it was corrected and again touched the lower support levels such as key support zones. Analysts now highlight that the top altcoin has entered a significant accumulation phase, which could lead to a reversal.
Key Resistance Levels for Shiba Inu Price Recovery
Shiba Inu price has several levels of resistance that may likely influence the price movement of the cryptocurrency.. The first major resistance stands at $0.00001693. A breakout above this level could indicate growing bullish momentum. If the SHIB price maintains a positive trend, the next resistance level sits at $0.00002485, a crucial mid-term price point.
More additional fluctuations might lead SHIB towards $0.00004022, signifying a past resistance level. Another long-term projection based on Fibonacci shows that the final bull target is at $0.00007380. If the bulls continue to apply pressure, these levels may be used as reference points for further rally upwards.
Historical Trends Suggest Potential Price Rally
Historical data reveals SHIB tokens showed robust price surges when the project oversaw critical resistance points. Analyst Ali Martinez shared data from November 2023, showing that Shiba Inu price surged past $0.000032 before a correction followed. Based on historical data, maintaining the current support zone could enable a recovery toward $0.000020 in the short term.
According to Martinez, SHIB price moves in line with the market, suggesting that external factors may affect it. If buyers come back to the market, SHIB price can get back to a bullish trend and allow the token to hit new highs. Consequently, the market participants wait for the trading volume and the movements from investors to provide further direction to SHIB.
Shibarium’s Role in SHIB’s Market Performance
Davinci Jeremie, a crypto educator, recently expounded on SHIB stating that more should be said about the token and its ecosystem. He noted that Shibarium is a layer-2 network and, at times, low-cost transactions that will contribute to the growth of the Shiba Inu ecosystem. However, the a nalyst noted that Shibarium’s roadmap is missing the innovative use-case scenarios that could boost its usage in the real world.
However, the future of SHIB’s success hinges on how developers bring practical applications to the token. In case of adoption, the price rise could support SHIB as a player in the crypto space and bring better returns to its investors. The focus remains on the updates on Shibarium, its future developments and how it would influence the demand for SHIB.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
