Shiba Inu, or SHIB, is projected to reach $0.000058 in 2024. In the most bearish scenario, SHIB's value might drop to $0.000018 in the same year. Previously, Shiba Inu hit its all-time high on October 28, 2021, when it was priced at $0.000086.
Last week, SHIB was trading at $0.000024 and has since shifted by 6.79%, currently sitting at $0.000023. Over the past 24 hours, SHIB has decreased by 2.13%. There's a mild bearish sentiment in the crypto market currently, though the long-term outlook remains bullish with predictions suggesting SHIB could reach $0.00011 by 2025.
The total circulating supply of Shiba Inu at the time of this writing was 589,263,175,318,158.50, and its market cap is $13,999,396,437.
SHIB Price Prediction: Key Points
1. Primary Support and Resistance Levels:
On a weekly basis, SHIB's lowest support level is at $0.000007, and its highest resistance might be around $0.000053.
2. Market Sentiment:
Market conditions as of April 2024 indicate weakening bullish momentum.
3. Predictive Forecasts:
According to AI/ML model predictions, SHIB's average price could reach $0.0001 by 2031 and increase further to $0.0003 by 2035.
Stay informed with SHIB through comprehensive weekly technical analysis and future forecasts.
SHIB Technical Analysis: Battling Bearish Reversals
Analysis of SHIB’s weekly charts indicates fluctuating prices, revealing potential future trends for 2024. Initially, the token faced resistance at $0.000011. Repeated efforts to break this in April ended in declines, eventually dropping below the lowest support of $0.000007 in June. Although bulls temporarily reclaimed this level, the rise was short-lived, and by September, prices had fallen back to the lowest support.
Following a brief drop below this support in October, bulls made another recovery attempt, challenging resistance in December only to be pushed back. However, SHIB did not return to previous lows.
The beginning of the year didn’t immediately improve SHIB’s fortunes as it continued to meet resistance. Yet, by late February, a significant price rise helped the token surpass this barrier, influenced by broader altcoin and Bitcoin trends.
March saw SHIB establishing $0.000032 as its new highest resistance and $0.000020 as support, levels it maintained since May 2022.
SHIB emerged as a leading performer in the crypto market, although this was interrupted by a market downturn, marking it as overbought and leading to a 26% drop in the past month, per CoinMarketCap.
Data from Santiment highlighted a decrease in SHIB's Market Value to Realized Value (MVRV) ratio, suggesting potential selling pressure.
Future movements depend on maintaining the current support. If broken, SHIB could fall to $0.000014 or $0.000013. Overcoming $0.000035 and $0.000039 might yield a 60% gain, but reaching the all-time high would face significant resistance at $0.000053.
The forecast models predict a moderate increase in bullish sentiment, estimating SHIB's average trading price could rise to $0.0001 by 2031 and $0.0003 by 2035.
SHIB's 2024 Roadmap: Key Indicators to Monitor
Trading volume has been subdued, with spikes noted during significant price changes. The On-Balance Volume (OBV) showed varied momentum throughout the year. The Awesome Oscillator (AO) indicated a shift towards buying momentum by the year-end.
Shiba Inu Price Prediction 2024:
- Short term: July 2024 predictions suggest SHIB might hit highs of $0.000038.
- Long term: November 2024 forecasts indicate potential highs of $0.000047.
Daily Predictions for May 2024:
- 8th: $0.00002 - $0.000023, average at $0.000022.
- 9th: $0.000021 - $0.000024, average at $0.000022.
- 10th: $0.000021 - $0.000024, average at $0.000022.
- 11th: $0.00002 - $0.000023, average at $0.000022.
- 16th: $0.000019 - $0.000022, average at $0.00002.
- 21st: $0.000018 - $0.000021
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