The crypto market seems to be stuck in a rut, moving sideways and seeking a direction. Shiba Inu’s prices are no exception as they have consolidated around the support price of $0.0000070. With everyone asking, what’s next for SHIB? Will its prices touch the much-anticipated $0.000010 mark? Let’s analyze in this Shiba Inu price prediction.
What is Shiba Inu Coin?
Shiba Inu, often referred to as SHIB, emerged as a decentralized meme token that grew into a vibrant ecosystem. Touted as a potential “Dogecoin killer,” this ERC-20 only token can remain well under a penny and still outpace Dogecoin in a small amount of time.
What’s happening to Cyptos today
The entire crypto landscape seems to be taking a breather, consolidating between a market cap of $1 trillion and $1.2 trillion. Currently, at $1.05 trillion, the indications are that prices should soon rebound to the higher end of this range.
Shiba Inu Price Analysis: Why is SHIB Down?
SHIB prices touched $0.0000073 and have been demonstrating strong consolidation around this price. With a market cap of $4.3 billion, its 7-day performance shows a mild increase at +1.56%. However, the bearish sentiment is evident with a -2.28% performance in the past day. Notably, SHIB’s price movements have been significantly influenced by Bitcoin, which has also been consolidating since Q3 of 2023.
Shiba Inu Price Prediction: How High can Shiba Inu reach?
Observing the broader crypto market, there are subtle signs of an impending bull run. Should this materialize, SHIB prices could also experience a northward journey, possibly reaching between the $0.0000080- $0.000010 range.
Should you Buy Shiba Inu today?
Considering the potential uptick in prices, now might be an opportune moment to invest in SHIB, especially since it’s hovering around a strong support level. However, the unpredictable nature of the crypto market warrants caution. Hence, placing a stop loss trigger would be a prudent strategy.
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