As a seasoned crypto investor with a keen interest in meme coins and a strong belief in the potential of Shiba Inu (SHIB), I am confident that the current market conditions are ripe for a 4X breakout for SHIB. The recent surge in price, triggered by positive news surrounding Ethereum, is just the beginning.
SHIB Price Analysis: The value of SHIB increased by 2.5% over the past 24 hours, possibly due to the optimistic update about the SEC ending their investigations on Ethereum. As Ethereum’s ERC20 tokens, Shiba Inu and similar meme coins tend to react swiftly to any news influencing their underlying blockchain. According to CoinGecko, SHIB was priced at approximately $0.00001877 during European trading hours on Wednesday.
SHIB Price Prediction: 4X Breakout is Likely
Following its peak at $0.00004567 during the March mini rally, SHIB‘s price experienced a 62% drop to its present value. The unpredictability of Bitcoin‘s price fluctuations and broader market instability were significant factors in this decline. Nevertheless, SHIB exhibits a falling wedge pattern on its chart, which is often indicative of a bullish trend.
The current price of Shiba Inu (SHIB) is holding steady at a significant support level that has persisted for the past three months. Despite SHIB’s recent downward trend, which sees its price sitting below both the 50-day and 200-day simple moving averages, there are bullish signs for this asset.
As an analyst, I’ve noticed that the present price zone aligns with the 0.718 Fibonacci retracement level, providing an additional layer of support. Meanwhile, the RSI (Relative Strength Index) is reading at 32 on a 14-day timeframe, implying there’s plenty of potential for further upward price movements.
Should the SHIB token’s price manage to break free from its falling wedge formation and head north, a significant leap to approximately $0.000057 could ensue, marking a substantial 201% price hike from the present value. Noteworthy resistance levels would emerge around the prices of $0.000029, $0.000034, and $0.000038.
Conversely, the asset may find support around $0.000016 and $0.000011.
SHIB Price Future Outlook
Shiba Inu’s development team has been putting in extra effort to keep the crypto project significant within the industry. Recently, they unveiled Shibarium, their blockchain and associated lineup of tokens. Furthermore, they have forged alliances with real-life businesses, one such recent announcement being made by DevourGO, a web3 food ordering platform, on June 13, confirming their acceptance of SHIB as a form of payment.
Woof! Did someone say “treats”?! Was this the first food delivery order paid for with $SHIB?
“We’ve added Shibaswap (SHIB) as a payment option on DevourGO through our new integration with Coinbase Commerce. We’ve made the initial transaction, so who will be the next to take advantage of this feature?”
Visit to fire up the app & chow down! #ShibainuCoin…
— Devour (@GoDevour) June 13, 2024
The Shibarium network statistics point to a thriving chain, as the number of newly deployed smart contracts reached an all-time peak in June.
As a crypto investor, I’m excited about the latest news from The Sandbox, a leading metaverse gaming company. They’ve recently expanded their digital asset holdings to include popular meme coins like Shiba Inu and Dogecoin. This move demonstrates their commitment to staying ahead of the curve in the ever-evolving crypto space.
We’re excited to announce that The Sandbox now holds @pepecoins, @Shibtoken, @bonk_inu, @Memeland, @degentokenbase, and @dogecoin! We’re thrilled to integrate their unique cultures into our platform. #memecoins
— The Sandbox (@TheSandboxGame) June 18, 2024
The fact that Shiba Inu has been adopted widely sets it apart and keeps it among the top meme coins in the crypto market. Furthermore, the conclusion of Ethereum’s SEC investigation has rekindled optimism among SHIB investors, leading to increased anticipation for a potential ETH Exchange-Traded Fund (ETF) approval by late June or early July.
Bottom Line
The creators of Shiba Inu have been quietly enhancing the significance of their project, aiming for more than just a meme currency. With Ethereum’s impending volatility due to an approved ETF, Shiba Inu’s price could surge to unprecedented peaks.
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2024-06-19 10:28