Could $SHIB reach $0.0001 soon?
Throughout 2024 so far, the Shiba Inu coin has been one of the more dominant meme coins in the cryptocurrency market. Following the approval of the Bitcoin spot ETF and key updates to Shibarium, SHIB made a splash in the markets, only recently slowing its surge and coming back down to earth.
Despite a slight decrease over the past 24 hours, the Shiba Inu is still up 4% over the past seven days and up nearly 12% since the beginning of May. Its market capitalization has also increased over the past month, now standing at nearly $15 billion. With hype reaching a near all-time high surrounding the dog-themed currency, SHIB price predictions are trending upward.
What do analysts see in the Shiba Inu's current chart?
Analysts are pointing to a positive triangle on the recent SHIB chart, suggesting continued price growth. SHIB price is currently in an ascending triangle pattern and is almost at the bottom.
Typically, ascending triangles represent investor interest and accumulation. The Shiba Inu could break out if the market structure holds and prices rise as high as 32% to around $0.000036.
At the time of writing, the Shiba Inu is trading at 0.00002456 USD. The coin is above the average on the simple moving average (SMA) chart, showing a bullish signal. Despite this price hype, trading volume is down 40% in the past 24 hours.
A sustained increase in trading volume and price is often the best indicator of an upcoming price increase, however, despite falling trading volumes, investors remain largely bullish on the cryptocurrency from SHIB.
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