Shiba Inu (SHIB) Could See a 300% Surge in 2024

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Why-Shiba-Inu-SHIB-Could-See-a-300-Surge-in-2024.jpg June 12, 2024
Why-Shiba-Inu-SHIB-Could-See-a-300-Surge-in-2024.jpg June 12, 2024

Shiba Inu (SHIB) has once again captured the attention of the crypto world with its recent price movements. As a dog-themed meme coin, SHIB has seen a remarkable increase in value, especially after the Bitcoin ETF-inspired rally. Investors are now speculating whether Shiba Inu can reach the $0.0001 mark by May 2024.

SHIB price analysis

SHIB’s recent performance has been remarkable. After the Bitcoin ETF rally in March, Shiba Inu’s price soared 390%. According to CoinGecko, SHIB was trading around $0.00002573 during European hours, down 3.6% in the last 24 hours, but up 6.6% in the last week.

Market movements and influences

One major development for SHIB is its inclusion in the MEMECOIN index by MarketVector, a subsidiary of VanEck. Despite the drop in daily trading volume, the price of SHIB continues to rise. In addition, Coinbase Futures announced support for SHIB perpetual futures starting May 30, 2024, indicating growing institutional interest in the meme coin.

Technical analysis and market sentiment

Shiba Inu is currently forming an ascending triangle pattern, indicating strong investor interest and accumulation. If this pattern holds, SHIB could potentially push higher and rise 32% with a target of around $0.000036. The coin is trending well above its 50-day and 200-day simple moving averages, which is a bullish signal. However, despite the gradual increase in prices, SHIB’s 24-hour trading volume decreased by 40%, according to CoinGecko.

Investor sentiment remains bullish, with 74% of users bullish on SHIB, while 26% are bearish. Key resistance points for SHIB are around $0.000029, $0.000026 and $0.000041, while strong support is present at the current price level of $0.000025.

Future outlook and predictions

The Shiba Inu’s foundations are robust, supported by a large community and growing institutional interest. SHIB’s recent addition to Coinbase Futures and its listing on Nexo, a leading centralized crypto exchange, highlights the coin’s transition from mere meme to a major player in the DeFi space. The launch of VanEck’s MEMECOIN index with SHIB further indicates growing investor interest.

Several cryptanalysts are predicting imminent leaks for SHIB. For example, Ali Martinez suggests a 20% upside if SHIB crosses $0.000025. These predictions are in line with the overall bullish sentiment around SHIB.

Technical indicators and resistance levels

Shiba Inu has shown remarkable performance since the end of February 2024, peaking with a nearly 300% increase in March. The price rose from below $0.00001 to nearly $0.00004 before a minor correction, currently trading below $0.00003. The price recently broke a descending triangle pattern, which could represent near-term obstacles. To resume its upward trajectory, SHIB needs to break the psychological resistance level at $0.00003.

Currently, SHIB is about 300% down from its previous all-time high of $0.000089. Psychological barriers within these levels may offer resistance, while the range from $0.000019 to $0.00002 could serve as support, closely related to the May 2024 S1 Fibonacci level.

Long-term price forecasts

2024: Analysts predict that SHIB could trade between $0.00008 and $0.0001 by the end of the year.

2025: SHIB may reach a high of $0.000165 to $0.000195.

2026-2030: SHIB is expected to follow an upward trajectory with potential highs of $0.00075 to $0.00082 by 2030.

Conclusion

The Shiba Inu has demonstrated its resilience and potential for significant growth. Despite its origins as a meme coin, SHIB has established itself as a formidable player in the crypto market. As we move into 2024, investors are closely watching SHIB’s price movements, anticipating further growth and potential breakouts. With strong fundamentals and growing institutional interest, the Shiba Inu could indeed reach new heights in the coming months.

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Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).