Shiba Inu Coin Price Analysis: Surge To $0.0001 Imminent As SHIB Burns Bright?

18.03.2024

Shiba Inu Coin price analysis: Shiba Inu coin, the cryptocurrency inspired by a popular meme, has showcased an impressive performance in the digital currency market. Its value has risen by 6% in the last day, indicating a move towards recovery after experiencing a 17% decrease over the previous week. The current Shiba Inu Coin price is $0.00002769, signaling a positive trend for investors.

Shiba Inu Coin Price Analysis: Market Momentum Builds as SHIB Gains

In recent trading, Shiba Inu’s price has shown remarkable resilience. The cryptocurrency’s 24-hour trading volume has slightly decreased by 11% to $2.1 billion. Despite this, its market capitalization stands strong at $16.42 billion, making it the 11th largest cryptocurrency, as per CoinMarketCap. With a circulating supply of approximately 589 trillion SHIB coins, the market dynamics hint at robust investor interest.

Shiba Inu Coin Price Analysis

Over the past month, the value of SHIB has fluctuated between $0.000009 and $0.000044. This range indicates a bullish trend, with the coin’s value increasing by over 183%. The price reached a monthly high of $0.000044 before correcting to $0.000024. However, it has since rebounded, maintaining a level around $0.000027 and above.

The Influence of Broader Market Trends on Shiba Inu Coin

Despite a market correction following a drop in Bitcoin’s value below the $70,000 threshold, Shiba Inu has demonstrated its strength. Along with other meme coins like Dogecoin, Pepe, and WIF, SHIB has seen gains buoyed by a general rally in the meme coin sector.

A significant factor contributing to SHIB’s positive trajectory is the heightened token burn activity, as reported by Shibburn. In the last day alone, token burns increased by 2660%, eliminating 186 million SHIB from circulation. Reducing the coin’s available supply has injected optimism into the market, enhancing SHIB’s economic fundamentals.

Shiba Inu Coin Price Prediction Based On Technical Indicators

As investors gear up for potential gains, the SHIB price appears poised to exit its bearish phase. A breakout rally could push the price to $0.0001 and beyond. Conversely, a downturn might revert the price to support levels at $0.00002, with more robust support found at $0.00001 and $0.000009.

Shiba Inu Coin Price Analysis|Source: Tradingview

The daily technical indicators for SHIB show notable fluctuations, as observed in the trading data from the charts. The Relative Strength Index (RSI) is at 54.53, indicating a neutral position that neither reflects an overbought nor oversold condition. Additionally, the Moving Average Convergence Divergence (MACD) shows a crossover with the signal line above the MACD line, which is often considered a bullish signal.