Will Shiba Inu (SHIB) Coin Price Reach $0.00015?
A crypto trader has predicted that the Shiba Inu coin price could reach $0.00015 despite its recent struggles. According to Dexter, SHIB’s market cap of over $7.78 billion gives Shiba Inu a strong foundation for possible future gains.
Shiba Inu coin price prediction. Source: Telegaon
The Shiba Inu coin price is $0.00001343, a 1.27% rise in the last 24 hours. Despite a recent crypto market upswing, SHIB prices have struggled to gain momentum. Dexter identified a key support zone for the Shiba Inu between $0.00001076 and $0.0000120.
If Shiba Inu drops below this range, the support level near $0.000007 comes into play. Moreover, a decline from current price levels would mean a 47% drop.
Additionally, the analyst noted a demand zone between $0.0000056 and $0.0000071, suggesting potential buying opportunities if the price drops.
Per Dexter’s analysis, the SHIB price has a near-term target of $0.000026 to $0.000033 and a long-term target of $0.000089 to $0.00015. Furthermore, if SHIB prices reach the analyst’s long-term target of $0.00015, it will surpass its previous highs.
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What On-Chain Indicators Say About SHIB Price?
Recent data shows two trends that could support Dexter’s prediction of a future SHIB price rise. First, SHIB’s exchange reserves have been declining consistently.
Shiba Inu exchange reserves are declining. Source: CryptoQuant
When exchange reserves decrease, more SHIB is moved from exchanges to private wallets. This often indicates that holders are less likely to sell soon, reducing the available supply for trading.
Lower supply on exchanges could reduce selling pressure and create favorable conditions for a price increase if demand for the Shiba Inu coin rises.
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Secondly, there has been a steady increase in SHIB holders.
The number of SHIB holders is increasing. Source: Santiment
This trend indicates growing interest and accumulation by investors, suggesting that many believe SHIB has growth potential. The divergence between a rising number of holders and a falling price often signals a potential trend reversal. If SHIB accumulation continues, it could lead to a price recovery.
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