What’s Next for Shiba Inu: Can SHIB Bounce Back?

#BinanceTurns7 #SOFR_Spike #BinanceTournament #Megadrop #EarnFreeCrypto2024 Upon reaching the $0.000017 level yesterday, Shiba Inu, a dog-themed meme token, experienced a more than 5% decrease as its price fell to an intraday low of $0.00001581. Nevertheless, the token exhibited a 17.10% uptick in value, signaling that today’s price dip coincides with the global market tendencies.

Besides, the SHIB coin has been consolidating around the $0.000016 zone since July 9. Also, the Relative Strength Index hovers around 41, indicating a balanced market sentiment. Meanwhile, Shiba Inu’s on-chain data reveals a significant uptick in buyer activity.

While a bid surge might indicate a temporary influx of buying power, it doesn’t necessarily promise sustained price growth. Instead, it should be viewed as a short-term indicator rather than a signal of enduring market strength. Currently, Shiba Inu is trading at $0.00001618 on the daily chart.

Market experts believe Shiba Inu’s (SHIB) token is bullish in the long term. This market optimism comes amid a variety of developments taking place around the SHIB ecosystem.

the SHIB price could see an upward trend in the near future, potentially retesting the resistance at $0.000055, last seen in November 2021. A breakout above this level could signal solid bullish momentum, potentially pushing it to its all-time high.

On the same accord, Forbes forecast that SHIB could surge to a price level of $0.0003. This impressive prediction, outlined in a recent Monday report, implies a stunning possible appreciation of 1,700% for stakeholders from its present value.

Despite this positive outlook, SHIB could see a market correction should the bearish sentiment persist in the short term. As the token has struggled to overcome significant resistance levels, its prices might retest the $0.000011 level, last seen in February, to find support before attempting another bullish rally. A breach below this zone could further push SHIB prices to deeper levels around the $0.00000769 price range.