Shiba Inu: How high can SHIB soar this weekend?

Cryptocurrencies are synonymous with volatility, and Shiba Inu (SHIB) is no stranger to this trait. At press time, SHIB was down slightly, down 2.15% in the past 24 hours, currently trading at $0.00003035. Despite this, Shiba Inu remains steadfast, with a market capitalization of $17,789,281,901, securing its position as the 11th largest cryptocurrency by market capitalization. Interestingly, SHIB recently surpassed Toncoin [TON], rising to 11th place.

Insights from Coinglass data reveal the prevailing market sentiment surrounding SHIB. The token’s open interest dropped significantly by 8.23% and derivatives trading volume dropped by 26.87%, indicating weakening market activity and investor interest. qunjiawei;826729496The combined effect of these factors, coupled with today's price decline, indicates that selling pressure currently exceeds buying pressure, suggesting that SHIB prices are trending downward.

glimmer of hope

Despite the bearish signal, Changelly’s forecast provides a very different narrative for the Shiba Inu’s trajectory this coming weekend. SHIB could be in for an eventful weekend, marked by a sharp jump in value, according to analysis from Changelly. Meme coins are expected to see a double-digit surge, with SHIB expected to surge to $0.00003604. This represents a significant increase of 16% from current prices.

A number of factors could be driving the expected surge in SHIB prices. Cryptocurrency markets are affected by a variety of variables, including market sentiment, investor sentiment, and external events. One potential catalyst for SHIB's weekend surge could be renewed interest from retail traders and investors. The cryptocurrency community tends to thrive on hype and speculation, and the positive sentiment surrounding SHIB could attract new buyers, thereby stimulating demand and consequent price appreciation.

The performance of the Shiba Inu this coming weekend remains uncertain, with market indicators and price forecasts sending mixed signals. While recent data points to widespread bearish sentiment in the market, Changelly's forecast suggests SHIB's value could soar. As always, investors are advised to conduct thorough research and exercise caution when dealing with the volatile cryptocurrency environment.