Will Upcoming Bitcoin Halving Influence Recovery?

Shiba Inu Coin price forecast: ​​SHIB, a popular meme coin, has experienced a significant drop in value. The Shiba Inu Coin price currently sits at $0.00002431, marking an 11.89% decrease over the past day. This dip has brought the market capitalization to $14.32 billion, positioning the coin at 12th in the ranking. Despite this setback, the trading volume surged by 166.11%, reaching $1.2 billion.

Recently, the SHIB price has oscillated between $0.000023 and $0.000024. This comes after the asset slid below the previously established resistance level of $0.00003 in the preceding week. Investors are now cautiously recalibrating their strategies in response to the coin’s recent performance.

Shiba Inu Coin Price Forecast: What’s Next for SHIB After Recent Dips?

Over the recent week, the cryptocurrency SHIB has seen its market value decrease significantly. Investors have observed a downward trend, with the coin’s value dropping by over 10%. This decrease has contributed to a broader bearish pattern that has emerged over the last month, culminating in a 25% fall in SHIB’s price.

As the cryptocurrency market approaches the Bitcoin halving, a general decline in prices has been noted. However, historical trends suggest that following the halving, a recovery in the prices of various digital currencies, including SHIB, may be likely.

Analyst Insight: Lucie’s Perspective on SHIB Amidst Crypto Market Volatility

The team’s positive outlook has reassured Shiba Inu coin enthusiasts despite recent dips in SHIB’s value. The team’s steadfastness adds to investor confidence, especially as SHIB awaits potential inclusion in a new Hong Kong ETF, among other developments. Lucie, Shiba Inu’s market strategist, has confidently addressed the current volatility in the crypto markets.

SHIB is currently facing a significant resistance level at $0.000025. If it breaks through, the coin could see its value rise to $0.00003. This increase may set the stage for reaching the $0.001 milestone.

On the downside, if SHIB price fails to maintain its current level, it could fall back to $0.000024. A further dip in market sentiment might push it down to $0.000023. Under intense bearish pressure, the price might plummet to $0.00002.

The Bollinger Bands on the daily price chart show that SHIB is trading near the lower band, hinting at a less volatile period ahead. Currently, the lower band stands at 0.00002439, while the upper band registers at 0.00003217. The Relative Strength Index (RSI) which is hovering around 41.85. This value suggests an equilibrium in buying and selling pressures.

✓ Share:

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.

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.