Shiba Inu (SHIB), a well-known meme coin in the cryptocurrency market, has recently attracted attention. In terms of market position, SHIB is often compared with Dogecoin. The performance of this coin in 2024 is worth paying attention to.

At the beginning of the year, SHIB was trading below $0.000010. Subsequently, the token experienced a massive rally, gaining more than 450% and reaching a high of $0.000045 in mid-February. Although the current price is still 72.5% below the all-time high set in 2021, the recent price action indicates a renewed interest in the popular cryptocurrency and a shift in market sentiment.

After a period of consolidation, SHIB is currently trading at around $0.00002369. The token appears to be in a position where it could experience its next price movement. There is uncertainty as to whether the token has enough fundamental support to push its value above the psychologically important level of $0.00003 within the week.

How high can the Shiba Inu go this week?

Shiba Inu is up 5.7% in the past 24 hours. According to CoinGecko data, SHIB is also targeting the $0.00003 level.

According to Changelly analysts, SHIB is expected to trade at a minimum of $0.00002552 and a maximum of $0.00003378 this week. The forecast also highlights that SHIB may touch the $0.00003 level.

Historically, Bitcoin’s performance has often been a catalyst for price movements in other cryptocurrencies. SHIB’s most notable price gains coincided with new highs during BTC’s climb to $73,000. Since Bitcoin is considered a key indicator of overall market sentiment, its ability to break through previous resistance levels often leads to gains across the market, especially for more speculative altcoins.

However, Bitcoin’s price action alone may not be enough to sustain further significant gains for SHIB, especially in the absence of major fundamental announcements or developments. The token’s developers are working to increase adoption and improve the token’s economic model using the SHIB Burn Portal.

Traders should also consider the potential for price action around these psychological barriers, especially if Bitcoin’s current rally encounters a setback. Nonetheless, the Shiba Inu’s overall trajectory suggests it has the potential to surpass its previous all-time high sometime this year.

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