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Shiba Inu Price Prediction, SHIB Down 2.5% in 24 Hours – Is It Time to Buy the Dip?

Today, SHIB has fallen to $0.00002394, with the Shiba Inu price down 2.5%, while the entire crypto market is down 0.5% in the past 24 hours.

While SHIB is actually up 1.5% in the past week, it has not fully recovered to date after falling 6% in two weeks following the May 6-13 drop.

However, the popular meme token is still up 4.5% in the week and 175% in the past year, giving it strong mid- to long-term momentum.

This means that now is a good time to buy the dip, and the Shiba Inu price may soon peak again.

Shiba Inu Price Prediction, SHIB Down 2.5% in 24 Hours – Is It Time to Buy the Dip?

After a night of decline, SHIB has actually regained some momentum this morning, although it has stopped rising in the past few hours.

Its relative strength index (purple) has recovered to 50 after falling below 30, which suggests that some buyers have bought the dip.

Meanwhile, SHIB’s 30-day moving average (orange) looks like it’s about to fall below its 200-day moving average (blue), which could signal further declines in the near term.

However, the recovery in the past few hours could help it avoid such a fate, as the coin could soon resume growth.

It’s also interesting to see that the coin’s support (green) and resistance (red) levels are sliding against each other, which often signals big moves.

This could go both ways, as SHIB’s trading volume is relatively low (currently $300 million), which makes the coin more susceptible to volatility.

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