Shiba Inu Coin Price Prediction: Can SHIB Overcome Recent Dip to Reach New Peak?

13.03.2024

Shiba Inu Coin Price Prediction: SHIB has recently captured the spotlight in the cryptocurrency market, marking a significant bullish trend. This meme coin soared past the $0.00003 resistance level, achieving an impressive 250% increase this month.

This remarkable growth has drawn widespread interest from both crypto enthusiasts and investors. Despite its remarkable ascent, Shiba Inu has seen some price volatility on the last day and is undergoing a slight correction. In the past day, Shiba Inu’s value has dipped to $0.00003067, with a 5% decline.

Shiba Inu Price Prediction: Analyzing the Recent Market Correction

Over the last week, its price has fluctuated, showing signs of both declines and gains without clear direction. The Shiba Inu Coin price has slightly fallen by 3.94%, showcasing a period of stagnation.

Shiba Inu Coin Price Prediction

Over the recent month, SHIB’s value has fluctuated between $0.000009 and $0.000044. This variation indicates a bullish trend within narrowing boundaries, showcasing a remarkable increase of over 230%.

The current market capitalization of Shiba Inu has reached an impressive $18.06 billion. This positions it as the 10th largest digital currency, according to CoinMarketCap. Trading activity for Shiba Inu has seen a 31% decline in the last 24 hours, with volumes hitting $1.67 billion.

Market Dynamics and Shibarium’s Impact

Shibarium’s network recently witnessed a remarkable surge in its Total Value Locked (TVL), reaching an unprecedented peak of approximately $2.25 million. This milestone, reported on Tuesday, March 5, by the cryptocurrency analytics platform DefiLama, underscores the growing interest and investment in this innovative blockchain project.

However, following this record-setting achievement, Shibarium saw a downturn in its TVL, which dipped below the $2 million mark, stabilizing at $1.72 million. Despite this fluctuation, the network’s ability to attract a significant TVL highlights its appeal and the strong backing of its community.

The network’s escalating TVL was paralleled by a surge in user engagement, evidenced by the activation of over 1.3 million wallet addresses. This surge reflects Shibarium’s growing popularity and its capacity to sustain a vibrant and active ecosystem.

Shiba Inu Price Prediction: Future Outlook Amidst Fluctuations

The resistance threshold for Shiba Inu Coin is currently at $0.000032. A surge past this level could send its value soaring towards $0.00004. If the upward trend maintains its momentum, SHIB might witness SHIB reaching new peak values.

On the flip side, a downturn could see the cryptocurrency retracting to a support level of $0.0000095. The primary support lies near $0.000009, with a stronger base at $0.0000085.

Shiba Inu Coin Price Prediction Chart| Source: Tradingview

Technical analyses present a favorable view of Shiba Inu’s future. The Relative Strength Index (RSI) stands at a neutral 69, edging closer to an overbought state. This indicates a strong bullish trend, albeit with a minor retraction. The Average Directional Index (ADX) at 59 suggests the trend’s robustness.

Additionally, the nearing of the 20 Exponential Moving Average (EMA) to the 50-EMA underlines the positive trajectory anticipated for SHIB’s price movement.