Shiba Inu Price Takes a Blow: Will SHIB Survive Or Should You Switch To An Alternative?
As the Shiba Inu price plunges, concerns arise about the fate of the wildly popular meme-coin, SHIB.Investors and crypto enthusiasts are closely watching whether SHIB will weather the storm or succumb to its challenges.
The price of SHIB has been on a steady decline, following the 5% pump since July 13. But, due to increasing demand for SHIB, the second-largest meme coin after Dogecoin, it has the potential for a price rise shortly.
Bears Tilt SHIB Towards Bearish ZoneExamining the historical Shiba Inu price can provide valuable insights for understanding Shiba Inu price predictions. However, it's essential to remember that past performance does not guarantee future outcomes, and predictions should be cautiously approached.
The outlook for Shiba Inu seemed promising in 2023 as excitement surrounded the anticipated Shibarium layer 2 scaling solution, propelling its price to $0.00001562 on 4 February.
However, the delay of the Shibarium mainnet launch caused a sharp decline, with the value plummeting below $0.00001 by early May.The downward trend continued, reaching $0.000007175 on 20 June 2023.
As of 9:14 EST, SHIB is witnessing a slight price decline of 2%. Despite the drop, Coingecko's data shows that the asset has gained more than 10% in the past 30 days.
Also, its price changes in the last 7 and 14 days show notable gains of over 6% and 7%, respectively. Meanwhile, SHIB daily chart hints at a potential trend reversal in the shorter timeframe.
SHIB Moves on Daily Chart Signal a Bullish Momentum
Source: Tradingview.comThe daily chart shows that SHIB/USD is above the middle band of the Bollinger Bands indicator, which suggests that the asset's price is higher than its 20-period moving average.
This can indicate a period of bullish momentum in the price action and a signal of strength in the asset's price movement. Traders may anticipate further upward movement.
Additionally, the Relative Strength Index level of 60 confirms the bullish sentiment in the market.An RSI value of 60 indicates that the asset is neither overbought nor oversold, showing moderate strength in the current uptrend.
The Moving Average Convergence Divergence (MACD) trades above the signal line, further supporting the bullish sentiment.Traders may view this combination of indicators as a favorable sign, suggesting that the asset's price could continue its upward movement or consolidate near its current levels.
As always, traders should exercise caution, perform additional analysis, and consider risk management strategies when making trading decisions.
Key Price Levels
Source: Tradingview.comThe coin trades above trendline support, edging closer to the major resistance at $0.00000900.If the market breaks this crucial level, the next target becomes $0.00001179.
Investors should brace for a potential uptrend, as a breach above this point will signal bullish pressure.
Conversely, if the bulls fail to sustain the pressure and drop below the trendline support, it will indicate a bearish sentiment, resulting in the price plummeting.
Export's Price PredictionBelow are some of SHIB's price predictions from industry experts. CoinPriceForecast and DigitalCoinPrice expressed optimistic forecasts for Shiba Inu's price in 2030.
CoinPriceForecast predicted a potential increase of 340%, reaching around $0.00004758 by the year's end.DigitalCoinPrice anticipated an even more substantial rise, with an average price of approximately $0.00011, signifying a surge of over 900%, surpassing the token's current all-time high.
According to Changelly, the anticipated minimum price for Shiba Inu this year is $0.0726, while the highest potential level it can reach is $0.0851. The average trading price will hover around $0.0976 during that period.
Changelly added that the price of SHIB is projected to surge massively by over 100% by the end of December. Based on CoinCulture's Shiba Inu forecast, the expected price range 2023 is projected to fall between $0.0000090 and $0.0000219.
While there is anticipated growth in the Shiba Inu token during the year, the growth rate is forecasted to be moderate.Nonetheless, Shiba Inu price prediction suggests that investors may still achieve reasonable profits from their investments.
Factors That Could Affect the Price of SHIBAccording to a tweet by Santiment, a firm specializing in on-chain analytics, wallets holding between 10 million and 100 billion SHIB tokens have collectively acquired $8 million worth of the coin over the past eight weeks.
#ShibaInu has been a surprise winner during the final hours of a particularly dull trading week. Shark & dolphin wallets holding 10M-100B $SHIB tokens have accumulated ~$9M in just under 8 weeks, a significant amount for the 14th ranked #crypto asset. https://t.co/WwZrvcUN0D pic.twitter.com/98A1darF5A
- Santiment (@santimentfeed) July 28, 2023
These whales were particularly keen on buying during a previous dip, where the price reached multi-year lows around $0.000006.If this trend of whale buying persists, it could potentially drive the coin's value even higher in the future.
This increased accumulation by whales indicates a positive sentiment and confidence in the SHIB coin among influential investors. When whales buy significant amounts of a cryptocurrency like SHIB, it can have several potential effects on the coin's price and market dynamics:
Price Support: Whales' continuous accumulation can create a strong support level for the SHIB price. Their buying activity may help prevent significant price drops, as their accumulated positions act as a price floor.
Liquidity and Volume: Whales' large purchases can increase the liquidity and trading volume of SHIB. Higher liquidity generally leads to smoother price movements and makes it easier for traders to buy or sell the token.
Attention and FOMO: Whale activity attracts attention from the broader cryptocurrency community.Positive news about whales accumulating SHIB could create a fear of missing out (FOMO) among other investors, increasing buying interest and further driving the price.
Join the Limited-Time Presale and Witness the Birth of the Next Big Meme Coin, Combining Shiba Inu with Barbie
Prepare to embrace a unique crypto addition as Shibie Coin ($SHIBIE) enters the scene.Combining the essence of Shiba Inu's spirit with the iconic charm of Barbie, $SHIBIE has recently kicked off its presale phase.
With community involvement, $SHIBIE aims to disrupt traditional cryptocurrency norms while presenting an enticing investment prospect for those intrigued by low-cap coins.
Shibie is not your typical meme token; it seeks to become an animated and engaging character, inviting users to become part of its dedicated fanbase.
What sets Shibie apart in the world of volatile meme coins is its strong focus on community involvement.With its exciting and unpredictable nature and spirited community, Shibie Coin aims to establish itself as a sustainable and enduring presence in the crypto market.
Shibie: The Provocative Queen with 100X Potential
Shibie has emerged with a difference, captivating investors and enthusiasts with its audacious presence in the realm of meme coins. Beyond being just a meme, Shibie represents a movement and a formidable influence in the crypto world.
With an ongoing presale event, Shibie has the potential to offer gains that could even surpass the success of other leading meme coins in 2023.
Throughout 2023, the meme coins sector has dominated the market, introducing new and existing ones that have delivered impressive profits to investors and crypto enthusiasts.
The remarkable rise of coins like PEPE, COPIUM, and SpongeBob has left a lasting impact on savvy investors, eagerly awaiting the next meme coin poised to offer similar gains.
Shibie's Unique TokenomicsShibie introduces its unique tokenomics, known as the Shibie Shake-down, with its native token, $SHBIE, totaling 5 billion tokens. 40% of these tokens are up for grabs in the presale, allowing savvy investors to secure their share before potential listings.
Another 20% is allocated to CEX listings, enabling the native token to trade on top-tier exchanges and compete with other coins. Shibie earmarks 20% for marketing to make a grand entrance with a bark, while the final 20% is dedicated to liquidity, ensuring smooth platform trading and seamless transactions.
The presale has kicked off, intending to raise $999,999, and Shibie aims to achieve CEX listings, challenging the top players in the meme coin space.
Don't miss out on Shibie's enriching investment opportunities, inviting thrill-seekers and prudent investors to join and experience a meteoric rise to the top.
$SHIBIE Presale: Appealing Ground-Floor Investment OpportunityTo commence the $SHIBIE token's journey, the team has chosen to launch a time-limited presale phase, providing an opportunity to early investors.
During this presale, 6 billion $SHIBIE tokens will be available at a low price of only $0.000167 per token. This attractive entry point welcomes both newcomers and seasoned crypto enthusiasts to become early participants in the exciting Shibie Coin project.
Early investors can purchase $SHIBIE using either $ETH or $USDT, and the minimum investment threshold is set at 100 tokens, which amounts to less than two cents.
Beyond being an investment opportunity, this presale is strategically designed to establish a strong foundation for $SHIBIE before its future DEX launch.
Successful presales in crypto often indicate a positive trajectory upon listing, as they enhance accessibility and visibility.Notably, the perceived value offered in this presale has garnered the attention of meme coin enthusiasts, evident from the early growth of the Shibie Coin Telegram channel.
The post Shiba Inu Price Takes a Blow: Will SHIB Survive Or Should You Switch To An Alternative? appeared first on The Tech Report.