Shiba Inu Price Prediction as $200 Million Trading Volume Comes In – Time to Buy?

As Shiba Inu (SHIB), a cryptocurrency initially categorized as a ‘meme coin’, continues to gain traction in the digital currency space, it’s drawing significant market attention. Trading at $0.000008, SHIB has notched an impressive 24-hour trading volume exceeding $208 million.

Despite its whimsical inception, Shiba Inu has evolved into a formidable player in the cryptocurrency arena, now holding the 19th spot in terms of market capitalization, valued at around $4.78 billion.

With a circulating supply reaching a colossal 589.35 trillion coins, SHIB’s extensive reach is notable, though its total supply is yet to be defined.

This surge in trading volume and market position raises a pivotal question: Is it the right time to invest in Shiba Inu?

Shiba Inu Price Prediction 

From a technical analysis perspective, SHIB/USD presents a mixed picture. The coin’s pivot point is at $0.0000082, a crucial level for determining its immediate direction. It faces immediate resistance at $0.0000086, followed by successive resistance levels at $0.0000089 and $0.0000092.

These points are critical in assessing whether SHIB can shift its trajectory upward. Conversely, support levels at $0.0000079, $0.0000076, and $0.0000073 will be key in preventing further declines. The Relative Strength Index (RSI) for SHIB is currently at 41, reflecting a bearish sentiment as it is below the neutral 50 mark.

This suggests the potential for a downtrend or at least a lack of strong upward momentum. Complementing this is the 50-Day Exponential Moving Average (EMA) standing at $0.0000083, indicating that SHIB is trading below this mark, reinforcing the bearish trend.

The chart analysis reveals a downward trendline providing resistance at $0.00000860, coupled with a 50 EMA bearish crossover and a bearish engulfing candle pattern, both suggesting a selling trend.

In summary, the overall trend for SHIB/USD appears bearish, particularly if it remains below the $0.00000821 mark. The short-term forecast suggests that SHIB might test its immediate resistance levels. However, the market sentiment, as indicated by the technical indicators, leans towards a bearish bias.

Investors and traders in SHIB should closely monitor these levels and indicators, as breaking through either the resistance or support levels could signal significant price movements for this meme-inspired cryptocurrency.

New Meme Tokens With High-Return Potential

Traders eagerly anticipating Shiba Inu’s introduction of payment options may find newer meme tokens to be a more immediate and intriguing alternative, especially with several captivating new coins currently in their presale phases.

A standout among these is Meme Kombat (MK), an ERC-20 cryptocurrency that has successfully raised $2.19 million in its token offering, edging close to its $2.5 million goal.

This impressive fundraising effort indicates strong market confidence in Meme Kombat, which aims to launch an innovative platform for users to bet on AI-generated meme battles.