The prices of cryptocurrencies, including Shiba Inu Coin, took a hit this week as the effects of Bitcoin‘s halving event over the weekend began to wane. Shiba Inu Coin surged by 24% on Sunday alone, but it struggled to hold above $0.000028 – a level reflecting Bitcoin’s price breaking through $60,000.
Following some stability in pricing over the past few days, SHIB appears ready for an uptick, potentially reaching a new peak at approximately $0.000036.
During US business hours on Tuesdays, the second-largest meme coin is priced at approximately $0.00002748. This digital currency has experienced a nearly 3% rise in value over the past day, along with an additional 1.5% increase in market capitalization, bringing its total worth to around $16.31 billion. Shiba Inu coin holds the eleventh position among all cryptocurrencies, as per the data from CoinMarketCap.
Shiba Inu Coin Price Forecast: Is SHIB Poised For 30% Move
The price of Shiba Inu Coin has taken a hit in the past few weeks, dropping significantly from its peak of $0.00004563 in 2024 to around $0.00002. This decline has put the coin’s support at this lower price point.
The decrease, nonetheless, is a representation of the overall crypto market trend, as prices have dropped significantly throughout. Amidst the ongoing geopolitical conflicts in West Asia, Bitcoin reached an all-time high above $70,000 once more before falling back to approximately $60,000 in April.
After the Bitcoin halving event, investors anticipate a reduction in supply leading to a sharp price increase, potentially causing other cryptocurrencies in the market to experience similar upward trends by the end of the year.
Traders keeping an eye on potential price rises for Shiba Inu, which bounced back from its April lows at around $0.00002 to reach $0.000078, should be aware of the nearby resistance levels indicated by the gray band on the chart.
The 20-day Exponential Moving Average (EMA) serves as support around $0.000026, strengthening the previous level. Below this point lies both the 200-day EMA and the 50-day EMA, acting in unison to limit potential losses.
SHIB’s price is attempting to rise above its downward-sloping black trendline. If it succeeds, more investors may feel confident enough to take risks, which could lead to a surge in price.
In simpler terms, before making a purchase based on the MACD indicator’s buy signal in the four-hour timeframe, it is important to ensure that the signal has been confirmed. The MACD line crossing above the red signal line indicates an upward trend, suggesting that it would be beneficial to continue moving in that direction.
For traders, it’s important to keep an eye on a few significant levels in the short term: first, the possible breach of the resistance trendline (shown in black), which could lead to a price surge. Secondly, the development of new support above $0.000028 is noteworthy. In the near and medium-term, potential targets include the yellow band at $0.00003, the red band at $0.000032, and the higher resistance at $0.000036.
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2024-04-24 00:16