Shiba Inu price prediction: Potentially new purchasers might stop a $0.000020 collapse
The Shiba Inu continues to draw an increasing number of investors, even if the cryptocurrency market has just seen a slump.
A measure of a cryptocurrency's popularity and interest among investors, "Funded wallets" on IntoTheBlock show all addresses with a balance bigger than zero.
There are already 1.38 million funded wallets holding SHIB, with over 100,000 new wallets created in 2024 alone.
This demonstrates that fresh investors are still interested in the Shiba Inu ecosystem.
In addition, the record-breaking network expansion confirms that Shiba Inus are popular all over the world, even if Solana memes have been trending in the media for a while now.
To be sure, traders are getting ready for a more contractionary monetary policy environment in 2025, thus the pessimistic attitude is hanging around.
As a result, the imminent price recovery of SHIB may not be a direct result of the increasing usage of its wallet in the near future.
Rather, it represents wagers on the future success of SHIB.
Shiba Inu price prediction: Potentially new purchasers might stop a $0.000020 collapse
After a precipitous 16% drop in the last day, Shiba Inu is under intense downward pressure.
A "death cross" signal between the 4-hourly SHIBUSD chart's 50-day and 200-day simple moving averages suggests substantial downside risks, and bears are taking advantage of this.
If the present market weakness persists, as this bearish crossing indicates, sellers will have the upper hand and push prices down to important support around $0.000020, or possibly lower, to $0.000015.
The volume-weighted average price (VWAP) is now at $0.000021, which suggests that bulls are trying to create a temporary floor above this level.
If SHIB manages to maintain its recent gains above the VWAP, it may be able to break through the current level of resistance at $0.000023, which is where the 50-day simple moving average will be located.
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