Shiba Inu (SHIB), a famous 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 71.3% 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.
As of now, SHIB is trading at around $0.00002471 after a period of consolidation. The token appears to be in a position where it could experience its next price movement. Whether the token has enough fundamental support to push its value above the psychologically important level of $0.00003 by the end of May is uncertain.
How high can Shiba Inu go by the end of May this year?
Shiba Inu has plunged 3.3% in the past 24 hours. According to CoinGecko data, SHIB is also eyeing the $0.00003 level.
According to Changelly analysts, SHIB is expected to trade at a minimum of $0.0000250 and a maximum of $0.0000446 by the end of this week. The forecast also highlights that SHIB might touch the $0.00003 level.
Historically, Bitcoin’s performance has often influenced the price action of other cryptocurrencies. SHIB’s most notable price gains occurred when BTC set new highs during its rally to $73,000. As Bitcoin is seen as 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 SHIB’s large gains, especially in the absence of major fundamental announcements or developments. The token’s developers are working to increase adoption and enhance the token’s economic model using the SHIB Burn Portal.
Traders should also be aware of the potential for price volatility around these psychological barriers, especially if Bitcoin’s current rally faces 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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