Current Market Position and Indicators
Shiba Inu Coin (SHIB) is showing signs of bullish momentum, currently sitting at a strong support level with technical indicators suggesting a potential trend reversal. In the past 24 hours, SHIB’s price has surged by 2.5%, likely due to the positive news of the SEC dropping its investigations into Ethereum. As an ERC20 token, SHIB often responds quickly to news impacting its parent blockchain.
On Wednesday, SHIB was trading around $0.00001877 during European business hours, according to CoinGecko. After hitting a high of $0.00004567 during the March mini-pump, SHIB’s price retraced by 62% to its current level. Contributing factors to this decline include Bitcoin volatility and general market uncertainty. However, SHIB has formed a falling wedge pattern, typically a bullish market structure.
Technical Analysis
SHIB’s price is currently at a robust support zone that has held for the last three months. Despite trading below the 50-day and 200-day simple moving averages (SMA), the asset remains bullish. This support zone aligns with the 0.718 Fibonacci retracement level, providing additional structural support. The relative strength index (RSI 14) is at 32, indicating ample room for upward movement.
If SHIB breaks out of the falling wedge pattern, it could surge to $0.000057, representing a 201% increase from its current price. Resistance points to watch are around $0.000029, $0.000034, and $0.000038. Conversely, support levels are at $0.000016 and $0.000011.
Future Outlook and Developments
Shiba Inu developers have been actively working to keep the project relevant in the crypto space. Initiatives include launching the Shibarium blockchain and its ecosystem of tokens, as well as forming partnerships with real-world companies. For instance, on June 13, DevourGO, a web3 food ordering company, announced its acceptance of SHIB. Additionally, Shibarium network statistics indicate a thriving chain with a record number of new smart contracts launching in June.
In a notable development, The Sandbox, a popular metaverse gaming company, announced it now holds Shiba Inu, Dogecoin, and other meme coins. Such adoptions enhance Shiba Inu’s prominence and allow it to remain one of the largest meme coins in the crypto industry. The recent closure of the SEC's investigation into Ethereum has further boosted investor confidence, fueling speculation about a possible Ethereum ETF approval by the end of June or early July.
Conclusion
Shiba Inu developers are making significant strides to enhance the project’s relevance beyond being a mere meme coin. As the Ethereum landscape braces for potential volatility from an approved ETF, SHIB’s price may rally to new all-time highs. The ongoing token burn program is another bullish factor likely to support a Shiba Inu rally towards $1. While reaching this level may not be feasible in 2024, SHIB has the potential to cross this target in the coming years, supported by its fast-growing blockchain and strong community backing.
Notice:
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