Due to ETF speculation, Shiba Inu (SHIB) expects price volatility and long-term positive trends, along with short-term corrections.
After hitting $0.000017 yesterday, the Shiba Inu dog-themed meme token fell more than 5% to $0.00001581. However, the token is up 17.10%, showing that today's price drop is in line with worldwide market trends.
SHIB has been stable around $0.000016 since July 9. The relative strength index is at 41, indicating market equilibrium. Shiba Inu online data shows a spike in buyer activity.
A bid increase may imply temporary buying power but it does not guarantee a price increase. Rather than being an indication of market strength, it is a short-term indicator. The daily chart shows the Shiba Inu at $0.00001618.
A bullish reversal ahead?
Analysts say the Shiba Inu (SHIB) token is bullish in the long term. Several advances of the SHIB ecosystem have boosted market confidence.
Shiba Inu marketing head Lucie's latest SHIB ETF prediction is among these bullish thoughts. Write tracker Shibburn recorded a 3988.31% increase in write rate, supporting this meme-based investment.
SHIB price could rebound to $0.000055, last seen in November 2021, if these bullish measures continue. This level could be broken to suggest bullish momentum and an all-time high.
Similarly, Forbes predicts SHIB could reach 0.0003 USD. In a recent study on Monday, this staggering estimate suggests stakeholders could gain 1,700% from its current value.
Despite this bright outlook, SHIB could see a market decline if the pessimistic sentiment persists. After failing to clear a major hurdle, the token could revisit the $0.000011 level from February to find support before attempting another rally. SHIB price could drop below $0.00000769 if this zone is broken.
