The excitement around meme coins like Shiba Inu (SHIB) has notably subsided in recent weeks. Both Shiba Inu and Dogecoin (DOGE), prominent players in this category based on market capitalization, have maintained a relatively steady position.
Despite facing bearish pressure, Shiba Inu’s price prediction remains uncertain as the meme coin experiences a significant burn rate surge of over 442,000% in 24 hours. Analysts anticipate SHIB to potentially dip to $0.000008 before bullish momentum gathers liquidity for a push beyond $0.00001.
Investor Focus on Potential Bitcoin ETF Approval Amidst Stability of SHIB
As the crypto community awaits the potential approval of a Bitcoin spot exchange-traded fund (ETF), investors are eyeing the possibilities it could bring to the industry. Meanwhile, opportunities for trading abound in key tokens like Shiba Inu (SHIB), currently priced at $0.0000834 during US business hours. Despite minimal price changes over the last 24 hours, SHIB has experienced an 88% surge in trading volume across exchanges, reaching $200 million. Notably, SHIB holds the 18th position among cryptocurrencies, excluding stablecoins, according to CoinMarketCap.
Shiba Inu Faces Confluence Resistance Amidst Bearish Indicators
Shiba Inu (SHIB) is encountering a formidable challenge as it remains below crucial indicators, forming a confluence resistance at $0.0000083. The 50 Exponential Moving Average (EMA) in red and the 100-day EMA in blue are acting as barriers. The prevailing scenario suggests a strong inclination towards the downside, reinforced by a sell signal from the Moving Average Convergence Divergence (MACD) indicator.
Shiba Inu price prediction daily chart |Tradingview
The bearish trend is likely to persist as long as the blue MACD line remains below the red signal line, with the momentum indicator maintaining its downward trajectory. Potential profitable opportunities may arise if SHIB can rebound from key support levels, including the 200-day EMA in purple and the robust buyer congestion zone at $0.000008.
Investors are advised to consider buying during market dips, recognizing that bull runs often involve temporary pullbacks. These corrections are essential for sustaining the overall upward trend, providing opportunities for sidelined investors to join in and contributing to the momentum for the next breakout.
Potential for Spectacular Rally as Shiba Inu (SHIB) Correction Unfolds
The ongoing correction in Shiba Inu (SHIB) may set the stage for a remarkable rally, potentially propelling the meme coin beyond the $0.00001 mark. Investors are presented with an opportunity to consider SHIB purchases, taking into account key fundamentals such as the substantial increase in the token burn rate, surging by over 444,000% on Monday.
Shiba Inu price prediction daily chart |Tradingview
The token burn program plays a strategic role in reducing the available supply of the cryptocurrency. This process involves burning transaction fees and proceeds from specialized activities within the Shiba Inu ecosystem. Given that Shiba Inu has one of the highest crypto supplies, totaling over 589 trillion SHIB, with 410 trillion already burned, this reduction in supply is crucial for enhancing its future value. Investors eyeing potential highs above $1 could find this strategic supply reduction as a pivotal factor.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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