Shiba Inu Coin Price Forecast: SHIB, the popular meme cryptocurrency, has recently captured the spotlight in the crypto market with its bullish performance over the last month. However, SHIB has seen a reversal in its fortune, experiencing a decline. In the last 24 hours, the price of Shiba Inu has fallen to $0.000009469, a 2% decrease within a single day. Despite this dip, market analysts are optimistic about SHIB’s near-term potential.
Shiba Inu Coin Price Forecast: Navigating Market Volatility
The Shiba Inu Coin price has been facing several hurdles, and the SHIB has seen a decline in trading volume, with a more than 4% decrease of $ 147 million. This drop has sparked debates among followers of SHIB. The coin’s available supply totals 589,289,732,858,420, reaching a market cap of roughly $5.6 billion. This places SHIB as the 17th largest cryptocurrency, per the latest CoinMarketCap data.
After a significant bullish trend, the market often experiences decreased buying pressure. This sets the stage for a possible rebound. Shiba Inu is currently in a reaccumulation phase, with various elements likely to contribute to its growth soon.
The meme cryptocurrency, Shiba Inu, experienced a notable upswing this month; notably, on February 16, SHIB breached the $0.000010 barrier, achieving a monthly zenith. After this high, the coin’s value has regressed to approximately $0.0000095. This movement underscores the ongoing tussle within the market, with bearish and bullish factions each pushing for supremacy.
SHEboshis Make Waves in the NFT Market
Shiba Inu has set a new record with its recent NFT launch, the SHEboshis, which saw immediate minting by LEASH token holders. This event underscores the dynamism of Shiba Inu’s community, one of the most vibrant in the cryptocurrency realm.
In a thrilling update, the Shiba Inu team announced that their newest NFT collection, SHEboshis, was snapped up within minutes. Impressively, the entire SHEboshi NFT batch was claimed just five minutes into the second phase of their minting event.
WRONG !
#Sheboshis were minted instantly within 3-5 minutes. Awaiting confirmation, but YES, we $LEASH holders who attempted to mint KNOW.
We also chatted with Kaal about it.
Congrats to all! pic.twitter.com/T5b5UiEamJ
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium
(@LucieSHIB) February 23, 2024
The minting process for SHEboshis was organized into three distinct phases. The initial phase was exclusive to Shiboshi holders, allowing them early access to secure SHEboshis at no cost. Following yesterday’s close of the first phase, today marked the beginning of the second phase, with Doge Killer (LEASH) holders at the forefront.
Over the recent month, Shiba Inu has posted a commendable growth of more than 7%, climbing from $0.0000088 to $0.0000010. Despite a slight pullback, this uptrend reflects a prevailing optimism among traders, signaling a robust bullish outlook amidst the current retracement.
Market Dynamics and Technical Outlook for SHIB
A break above the resistance level of $0.0000010 could propel Shiba Inu’s price towards the $0.00000120 mark. Conversely, a downward trend may ensue if SHIB struggles to surpass the $0.000095 threshold. The initial support is close to the $0.00009 range, with a more significant foundation around the $0.00000850 marker. Should the price tumble below the $0.0000075 support, a further decline is possible.
The daily technical assessments indicate a downward trend for Shiba Inu, with the Relative Strength Index (RSI) at a neutral 51, inching to drop toward oversold conditions, indicative of bearish momentum. While most technical indicators present a neutral outlook, reflecting the prevailing market uncertainty, the Moving Average Convergence Divergence (MACD) forecasts a short-term negative trajectory.
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The post Shiba Inu Coin Price Forecast: Is SHIB Rallying To $0.001 Amidst SHEboshis Instant Sell-Out? appeared first on CoinGape.
from CoinGape