Shiba Inu prices face uncertainty amid market downturn, with analysts weighing a potential recovery, raising concerns about their future
The price of Shiba Inu (SHIB) has recently fallen sharply, raising concerns about its future. Following the recent market correction, the token has seen a significant drop in value, sparking concerns among investors and followers. As the market attempts to regain stability, many are wondering if Shiba Inu can recover, or if its price will continue to slide further towards zero.
Is the price of Shiba Inu destined to return to zero?
As the cryptocurrency market develops, the price of Shiba Inu has also come into focus. With the emergence of new meme coins such as WIF, POPCAT, NEIRO, and PEPE, investor interest and capital are turning to these new entrants.
As a result, older coins such as the Shiba Inu, which launched in August 2020, face declining relevance. While the upcoming bull run may temporarily boost SHIB’s value, this may be its last major cycle, like other coins that have faded after their initial popularity.
While it is highly unlikely that Shiba Inu Coin will fall to absolute zero, its relevance will likely be significantly reduced after this cycle. This pattern mirrors the fate of many meme coins during 2019-2020, which surged and then fell. While SHIB may see a short-lived rally, it may be difficult for SHIB to maintain its position in an increasingly crowded market.
SHIB Price Analysis: What’s Next for Shiba Coin?
SHIB price has slightly dropped and is currently trading at $0.00001685, down 1.25% in the past 24 hours. The cryptocurrency has fluctuated throughout the day, reaching a low of $0.0000161 and a high of $0.00001716.
A recent analysis shared by a cryptocurrency market expert via X Post suggests that the outlook for Shiba Inu Coin is bullish as the year ends. The analyst’s technical chart highlights that SHIB’s price is expected to see a correction followed by a sharp rise that could see a 70% increase by Christmas.
SHIB is in a correction phase and it could pullback to the critical support area around $0.00001750. Analysis suggests that this correction could set the stage for a bullish rebound. If this happens, SHIB could rise strongly to the 0.5 Fibonacci retracement level, which could reach the $0.00002838 mark.
The forecast further outlines a path for the SHIB price forecast to climb further, targeting the 0.618 Fibonacci level, which is around $0.00003249. Analysts expect this potential rebound to occur after an expected correction phase, in line with a broader market sentiment shift and seasonal factors that could lead to a year-end surge.
The future of Shiba Inu remains uncertain, and its rebound may depend on market trends and seasonal factors. Despite a possible rebound, SHIB may still find it difficult to regain momentum as competition from new meme coins intensifies.
