Shiba Inu: Can SHIB Recover?
Due to ETF speculation, Shiba Inu (SHIB) expects price volatility and long-term positive tendencies, with short-term corrections.
After hitting $0.000017 yesterday, dog-themed meme token Shiba Inu plummeted more than 5% to $0.00001581. However, the token rose 17.10%, indicating that today's price drop matches worldwide market trends.
SHIB has been stabilizing around $0.000016 since July 9. The Relative Strength Index is at 41, suggesting market equilibrium. Shiba Inu's on-chain data shows a surge in buyer activity.
A bid rise may imply temporary purchasing strength, but it doesn't guarantee price growth. Instead of an indication of market strength, it is a short-term indicator. Daily charts show Shiba Inu at $0.00001618.
A Bullish Reversal Ahead?
Shiba Inu's (SHIB) token is bullish long-term, say analysts. Several SHIB ecosystem advances have boosted market confidence.
The latest SHIB ETF prediction by Shiba Inu's marketing head, Lucie, is among these bullish thoughts. The burn tracker Shibburn recorded a 3988.31% increase in burn rate, supporting this meme-based investment.
The SHIB price may rise again to $0.000055, last seen in November 2021, if these bullish measures persist. This level might be broken to suggest bullish momentum and an all-time high.
Similarly, Forbes predicted SHIB might reach $0.0003. In a recent Monday study, this astounding estimate suggests stakeholders might gain 1,700% from its current value.
Despite this bright outlook, SHIB may see a market pullback if pessimistic sentiment persists. After failing to overcome major barrier, the token may revisit the $0.000011 level from February to find support before trying another bullish rise. SHIB prices might fall below $0.00000769 if this zone breaks.
