Shiba Inu (SHIB), a popular meme-inspired cryptocurrency, has been on an exciting journey since its inception. In 2024, the Shiba Inu is set for more volatility and potential upside as bullish momentum builds. With its current price around $0.0000189 and rapidly evolving market conditions, the question is whether SHIB can reach $0.00004 by the end of 2024.
Let’s take a look at the key factors affecting SHIB’s price and its future outlook. The current state of the Shiba Inu market As of October 2024, Shiba Inu is trading at $0.0000189, up 65% in the last week. Despite a slight decline of 3.4% over the past 24 hours, market sentiment remains positive, with 86% of traders expressing bullish views. The enthusiasm comes after SHIB has struggled in recent months, consolidating in a tight range and facing selling pressure. However, recent buying interest, particularly from larger investors, has contributed to renewed optimism.
One of the challenges Shiba Inu has faced is low trading volume, which has remained below $350 million since the beginning of the month. Despite this, Shiba Inu has shown resilience by holding price support levels, and analysts believe that with enough upside momentum, the token may break through its immediate resistance level.
Key technical indicators:
Technical analysis of the Shiba Inu reveals a mix of opportunities and challenges. The price tested the 200-day moving average several times but was rejected, indicating strong resistance from bearish forces. However, the Relative Strength Index (RSI) remains above 50, signalling that there is still room for growth. Additionally, The Shiba Inu price is forming an ascending parallel channel and any break above the current resistance zone around $0.00002 could trigger a stronger uptrend.
The Moving Average Convergence Divergence (MACD) has also shown bullish signals that may support the SHIB price in reaching new highs in the coming weeks. Should the token break its immediate resistance, the next target lies at $0.000022, followed by a significant level of $0.000025.
SHIB Price Prediction for 2024 Looking ahead, the Shiba Inu price is expected to continue to rise, with analysts predicting a potential price range of $0.00002 to $0.00004 by the end of 2024. The bullish momentum seen this year suggests that SHIB could see significant growth, especially if the development of its ecosystem like Shibarium would solve some of the problems they faced in the previous months.
Shibarium, the Shiba Inu layer 2 blockchain solution, has had a rocky start, but its success could play a major role in driving up the price. Whale activity and increased activity on the chain are also crucial factors that could push SHIB’s value to new heights. Future outlook for the Shiba Inu Despite selling pressure and limited volume, Shiba Inu’s technical indicators and sentiment suggest it could maintain its upward trajectory. The surge in whale activity and continued development in the Shiba Inu ecosystem signal that the token has strong support moving forward. If the overall crypto market remains favourable and SHIB’s uptrend continues, the price may exceed $0.00004 in 2024.
However, it is important to note that the cryptocurrency market remains highly volatile, and while the outlook for SHIB is positive, investors should remain cautious and closely monitor key developments. In conclusion, Shiba Inu is on a promising path, and while it may encounter some bearish resistance along the way, the possibility of reaching $0.00004 by 2024 remains realistic given current market conditions and technical factors.
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