Shiba Inu (SHIB) price is on the rise, with a notable 7% increase over the past week. Positive market signals continue to boost investor enthusiasm for a significant price surge. Despite minor corrections across the market, SHIB stands out in the meme coin sector, which shows promising growth trends. This momentum suggests a potentially lucrative phase for SHIB investors.
Meme Coin Frenzy Helps Shiba Inu Price Climb Higher
Shiba Inu price has soared alongside a broader uptick in meme coins like PEPE, WIF, BONK, FLOKI, and BRETT. Despite the market’s recent dips, this revival in interest for meme coins is apparent. Measures like the Shibburn and advances in Shibarium suggest Shiba Inu may see further price increases soon.
Shiba Inu is set to introduce its own DAO, designed to grant SHIB holders increased influence over the project’s trajectory. The DAO aims to keep the project true to its foundational principles.
Despite the announcement of the DAO, SHIB’s price has not moved much, lagging behind other meme coins. Shiba Inu is embracing a move towards decentralization by establishing its Decentralized Autonomous Organization (DAO).
Over the past 24 hours, the SHIB market has observed a notable fluctuation in the price of Shiba Inu. The meme coin is hovering above $0.00001462 after experiencing a range between $0.00001438 and $0.00001504.
As of reporting time, the SHIB price is at $0.00001462, maintaining its position above significant support levels despite broader market challenges.
SHIB Price Forecast: Can it rebound to Above $0.000015 Soon?
Shiba Inu price prediction is currently at a critical juncture in the market. If the downward trend continues, its value might drop below the current support level of $0.00001455, possibly dipping to as low as $0.00001. To reach a price of $1 from $0.00001, it would have to rally by an astonishing 2800%.
The 4-hour technical indicators for Shiba Inu price indicate a recent fluctuation in price within a confined range. The Awesome Oscillator (AO) beneath the price chart showcases a shift from bullish to bearish momentum as the green bars give way to red, suggesting a decrease in buying pressure.
The chart below displays the Market Value to Realized Value (MVRV) ratio for SHIB cryptocurrency from late February to late August. The MVRV ratio peaked dramatically in early March, indicating a period when the average investor would profit by selling. After the peak, the ratio dropped sharply, suggesting that the market value fell below the initial purchase prices.
Recently, the ratio has shown some recovery. However, it remains well below the earlier highs. While some recovery in investor profit is evident, market values have not returned to previous peaks.
Conversely, a surge in buying could propel the Shiba Inu price beyond the resistance at $0.000015. If this bullish scenario plays out, targets of $0.000017 and $0.00002 might soon be within reach.
Frequently Asked Questions (FAQs)
It might boost investor confidence by enhancing community involvement and governance.
A layer-2 solution to improve SHIB’s scalability and transaction efficiency.
Support is at $0.00001455, with resistance near $0.000015.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/shiba-inu-price-will-shib-hit-1-in-2024/
✓ Share: