Shiba Inu Price Rebound Imminent as Demand Surges

21 June 2024

in SHIBA

Reading Time: 3 mins read

Shiba Inu is reported to have lost 40% of its value in the last 40 days, and 30% of its accumulated gain in the last 30 days.

An analyst, however, foresees a rebound which could send the price above $0.000081 and subsequently around $0.0001553.

In the early trading hours of Friday, June 21, Shiba Inu (SHIB) underwent a massive decline, falling by 4% in just 24 hours to trade at $0.0000179. This extended its weekly decline to 16% and the monthly downturn to 30%.

As reported by Crypto News Flash, the broad market halted its 3-day losing streak on June 19 with renowned assets like Bitcoin (BTC) and Ethereum (ETH) making a slight recovery. However, the two biggest meme coins by market cap – Shiba Inu (SHIB), and Dogecoin (DOGE) suffered from a massive downside below the critical support levels.

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Comparing the current market situation to the June 1 price action shows a significant dominance by bears with Shiba Inu starting the month with a trading price of $0.000028. After three weeks of intensive bearish pressure, Shiba Inu recorded its lowest price of $0.000017 in about 100 days. This reflected a 40% loss within 20 days.

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According to analysts, the ongoing market decline could be attributed to investors rotating funds out of the meme market. However, traders have been spotted accumulating the asset at the current discounted price, making the bearish continuation unlikely. Per our observation, the market has consolidated by 40% in the last 40 days, making it ideal to open a position at the current rate.

Exploring the Price of Shiba Inu with IntoTheBlock’s Data

According to IntoTheBlock’s Aggregate Exchange Order Books data, Shiba Inu bulls have placed orders in a bid to purchase 5.2 trillion SHIB at an average price of $0.00018. Based on market demand, this reflects around $77 million.

Another observation is that most traders are unwilling to exit their positions since the price is hovering around its 3-month lows. Also, the Shiba Inu supply on exchanges has fallen short of the market demand as only 4.5 trillion SHIB sell-orders have been listed across 20 exchanges which include Binance and Coinbase. Per this observation, there is an excess demand for 700 billion SHIB. In an economic sense, this situation puts pressure on the price, pushing it up the price curve.

Predicting the future price position of the meme coin, analysts estimated that Shiba Inu could reach $0.000020 once this scenario plays out. Confirming this is Analyst Javon Marks who explained that the ongoing correction could make way for a substantial price surge. To him, the price could break above the $0.000081 resistance level and hit $0.0001553.

SHIB (Shiba Inu)’s price is still up over 100% since breaking out of the displayed resisting trend which can be letting us know that a RUN is IN-EFFECT! With prices being broken out, the target is at $0.000081, meaning another +294% upside from here to reach it can take place and the recent pullback may only be contributing to a break above. A break/hold above $0.000081 and $0.0001553 comes into play…

Supporting his prediction with a chart, the analyst pointed out that Shiba Inu continues to maintain its highly positive territory since its earlier breakout.

As these prices continue to hold broken out, pullbacks may only strengthen them and assist in an additional +252% uphill run to the $0.000081 breakout target…