Why SHIB Could Peak at $0.000080 in September

Shiba Inu Coin (SHIB) price, a popular meme coin, has been experiencing a flat trading pattern over the recent days. Amidst a general downtrend, the SHIB price struggles to find upward momentum. As other cryptocurrencies also show mixed signals, both bullish and bearish forces seem equally matched, leading to a lack of clear direction in the market.

Over the past 24 hours, the SHIB price has shown fluctuations between a low of $0.00001369 and a high of $0.00001409, indicating volatility in its trading pattern. As of reporting time, the SHIB price hovered at $0.00001388, making a slight decrease of 0.67% during the day

Shiba Inu Coin Price Analysis: Is a Bullish Breakout on the Horizon?

The SHIB price is at a pivotal point in the market right now. If the current downtrend persists, its valuation could fall beneath the existing support level of $0.000013, potentially reaching as low as $0.000012.

The technical indicators for the top meme coin show current price movements within a specific range. The Bollinger Bands display an upper limit at 0.0000219 and a lower limit at 0.00001048. The 20-day Simple Moving Average (SMA) is positioned at 0.00001933. 

The chart indicates notable volatility and trading opportunities in the cryptocurrency market. Current prices hover around the lower band, hinting at potential volatility or a price shift.

Whale Transactions Point to Potential Volatility

Whale transactions exceeding $100,000 in Shiba Inu (SHIB) tokens saw a significant spike, according to Santiment data. This unusual surge in activity could influence the digital currency’s market dynamics. Such movements often precede volatility in token prices, so it’s essential to monitor these trends for potential impacts on SHIB’s valuation.

Social interest in SHIB also reflected notable fluctuations. A sharp increase in social media discussions around the same time as the whale transactions may further affect investor sentiment and market behavior. This kind of synchronized activity is typically a precursor to notable price shifts in the cryptocurrency markets.

According to Coinglass, the cryptocurrency market has seen significant fluctuations in its latest trading data. Volume dropped sharply by 34.22%, settling at $30.61 million. In contrast, open interest showed a modest increase, rising by 2.44% to reach $28.87 million. These changes reflect the cryptocurrency options market’s ongoing volatility and investor sentiment.

Conversely, increased buying activity could push the Shiba Inu price prediction over the resistance level at $0.000015. In such a bullish event, it’s conceivable that we will see it rise to $0.000017 and even $0.00002 in the near future. If bullish sentiment mounts more pressure and history repeats itself, the meme coin will climb to $0.00008.

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Coingape Staff

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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.