Shiba Inu Price Prediction as SHIB Drops 2.5% in 24 Hours – Time to Buy the Dip?

20 May 2024

in SHIBA

Reading Time: 5 mins read

Last updated:

May 20, 2024 07:47 EDT
| 3 min read

SHIB has fallen to $0.00002394 today, with the Shiba Inu price dropping by 2.5% as the crypto market as a whole falls by 0.5% in the past 24 hours.

While SHIB is actually up by 1.5% in the past week, it’s down by 6% in a fortnight, following a fall May 6-13 that it so far hasn’t quite recovered from.

However, the ever-popular meme token remains up by 4.5% in a week and by 175% in the past year, giving it strong medium- and long-term momentum.

This means that now would be an opportune time to buy the dip, with the Shiba Inu price likely to peak again soon.

Shiba Inu Price Prediction as SHIB Drops 2.5% in 24 Hours – Time to Buy the Dip?

After a dip overnight, SHIB has actually recovered a little momentum this morning, even if it has stopped rising within the past couple of hours.

Its relative strength index (purple) has risen back up to 50, after dropping below 30, a sign that some buyers have already bought the dip.

Shiba Inu price chart. — Source: TradingView

At the same time, SHIB’s 30-day average (orange) looks like it’s just about to drop below the 200-day average (blue), something which could portend further falls in the near term.

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Yet the recovery of the past couple of hours could help it avoid such a fate, with the coin potentially returning to growth very soon.

[crypto-donation-box]

What’s also interesting is that the token’s support (green) and resistance (red) levels are sliding towards each other, something that usually predicts a big move.

This could be in either direction, with SHIB’s relatively low volume – at $300 million today – making the coin more vulnerable to volatility.

A whale just took a $3.2M (x2) profit from $SHIB after 2.6 years!

The whale bought 199B $SHIB (est. cost: $1.68M) from #Coinbase and DEX between Oct 10, 2021, and Sep 11, 2023,

And then deposited all $SHIB (now $4.88M) to #Coinbase 3 hours ago, realizing an est. profit of $3.2M… pic.twitter.com/rMkMf7Z13i

— Spot On Chain (@spotonchain) May 17, 2024

As the tweet above indicates, whales have been selling SHIB in recent days, undermining any sense that we’re currently in an accumulation phase.

However, given that the coin has fallen far enough in the past couple of weeks, it seems like it’s time for it to make a comeback.

It could reach $0.000025 in the next few weeks, with its longer-term prospects depending largely on the trajectory of the wider market.

For instance, if the Fed does cut rates later in the year, then the market will respond accordingly, with prices rising across the board.

This will include the Shiba Inu price, which will also benefit from SHIB’s fundamentals as a token.

Such fundamentals stem from Shiba Inu’s recent efforts to boost its utility, including the launch of Shibarium last year and the upcoming launch of a privacy-focused layer-three network.

Alternative Meme Tokens for Market-Beating Returns

Traders wanting alternatives to SHIB may do well to check out one of the newer meme tokens impressing investors at the moment, including several presale coins that could surge when they list.

A great example of this is Dogeverse (DOGEVERSE), a multi-chain crypto that has raised more than $15 million in its presale.

Dogeverse presale tally. — Source: Dogeverse

Dogeverse has been able to raise so much money so quickly because of its strong tokenomics and fundamentals, with the coin poised to become the first ever multi-chain Doge-themed meme token.

As such, it will run on Ethereum and bridge to Polygon, BNB Chain, Solana, Avalanche, and Base.

Its existence on multiple chains will mean that it potentially gains wider application than it would have otherwise, with the coin aiming to gain traction on multiple apps and platforms.

Its tokenomics are also bullish, with the coin having a hard cap of 120 million, meaning that rising demand will make it deflationary.

Holders will also be able to stake DOGEVERSE for a passive income, an incentive that could see a big portion of the coin’s supply exiting circulation.

Investors can buy some now before the sale ends by heading to the official Dogeverse website, with 1 DOGEVERSE costing $0.00031.

This is its final presale price, with coin looking ready to surge once it gets on trading platforms.

Buy DOGEVERSE Today

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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