Shiba Inu Price Prediction: SHIB, a prominent meme coin, has recently shown signs of recovery. Its value increased by 2% over the last 24 hours. This rise pushed Shiba price to $0.000009365. The increase occurs amid a general 3% upturn in the cryptocurrency market. Over the last week, Shiba Inu’s value has risen by 3%. Over the past two weeks, it has seen a 6% increase, indicating a bullish trend.
Shiba Inu Price Prediction: Analyzing Recent Fluctuations
Despite these gains, the coin has faced a 30% decline over the past year. This decline contrasts with the significant gains seen by many major cryptocurrencies. Over the last week, SHIB’s price fluctuated between $0.000008 and $0.000009. This range indicates a lateral movement within narrowing trend lines.
Shiba Inu’s market capitalization now stands at approximately $5.5 billion. This valuation ranks it as the 17th largest cryptocurrency, according to CoinMarketCap. Its 24-hour trading volume has experienced a 21% decrease, reaching $128 million. This increase in market value reflects a growing interest from traders in the coin.
Shiba Inu Price Prediction
In December 2023, Shiba Inu’s price surpassed the $0.000010 mark, reaching a yearly high. Since then, its price has mostly remained below $0.000008. However, in the last 24 hours, SHIB has rallied, breaking through the $0.0000093 resistance level.
Shiba Inu Price Prediction: Shibarium’s Impact and Technical Indicators
Shiba Inu’s Shibarium, a layer 2 scaling solution, has processed over 334 million transactions. It has also facilitated the creation of 1.35 million unique wallets. Shibarium’s infrastructure, featuring a rapid 5-second block time, ensures minimal transaction fees. These advancements have sparked optimism in the SHIB market. Investors are now more confident about the coin’s prospects. Shibarium’s ability to improve transaction efficiency and reduce costs has been a major factor in this optimism.
BREAKING NEWS‼️$SHIB, Shiba Inu’s layer 2 scaling solution #Shibarium
🚀hits 3 million blocks
🚀334 million transactions
🚀1.35 million wallets
🚀5-second block time and near-zero fees✅Like&RT#ShibaInu #Crypto #blockchain #Bitcoin #Binance #NFT #cryptocurrency #Web3 pic.twitter.com/MbaJwe9UCO
— ShibariumGem (@Shibariumgem) February 9, 2024
The current bullish trend in the Shiba Inu market could soon see the cryptocurrency test the $0.000009 resistance level again. If this positive trend continues, SHIB could reach the $0.00001 mark. This would indicate a significant recovery and strength. A continued bullish trend could even push SHIB to the $0.0001 level. However, failing to overcome this critical resistance could lead to a decline. In such a scenario, the $0.000008 level would become a key support zone for SHIB.
Shiba Inu price chart: Tradingview
The daily technical indicators suggest a bullish trend for SHIB in the near future. Most moving averages and oscillators are signaling a buy. This indicates a bullish market. The Relative Strength Index is neutral at 53. However, expected bullish momentum could soon push it into overbought territory. The Average Directional Index also indicates a positive outlook at 21. This suggests a bullish outcome for SHIB.
Read also
- 5 Underrated Crypto To Buy For 2024 Bull Run: SUI, BTC, MANTA, DMY, ETH
- Crypto Price Prediction For February 9 As Market Rebounds From Uncertainty: ETH, BONK, RUNE
- Bitcoin Price: What The MVRV Tells Us About BTC Price Trend Above $47,000
Read the full article here
