Will Shiba Inu Recover? What Can SHIB Be Worth by 2030?

23 February 2024

in SHIBA

Reading Time: 3 mins read

As 2024 entered, the cryptocurrency market experienced a significant downturn, affecting memecoins severely. SHIB also felt the impact, showcasing considerable volatility. The early rejection at $0.000010 initiated a persistent downtrend, with the price repeatedly testing its lower support level at $0.0000088 within the analyzed timeframe.

The pattern of forming lower highs and lower lows continued till the second week of February. Despite attempts by bulls to rally, resistance at $0.0000099 curbed any upward momentum, leading to further declines.

Due to this rally, SHIB’s value was up by around 10% over the last month. However, the recent days have seen a continuous dip, bringing its current trading price to $0.0000094. This represented a roughly 2% decrease in the last 24 hours and about a 5% drop over the past week. The current price reflected a phase of heavy correction, with bulls struggling to hold on to their gains.

Indicators to monitor SHIB

The trading volume, which saw a decline as prices approached their lowest, increased slightly during the February rally but fell again as the price continued to drop, mirroring the price trajectory.

Throughout the majority of the analysis period, the Awesome Oscillator (AO) remained below the zero line, indicating persistent bearish momentum. However, it eventually shifted into positive territory in conjunction with the market rally, a sign of changing momentum toward bullish behavior.

Despite this positive shift, there was a noticeable decline in the AO’s positive values, culminating in a value of 0.00000034 at the time of writing, pointing to a weakening of bullish strength.

Following the latest price rejection, the Bollinger Bands began to expand, indicating a rise in market volatility. This expansion coincided with prices approaching the 20-week moving average (MA) more closely and, at times, slightly surpassing it. This behavior suggested a potential change in the market trend or a reevaluation of the asset’s value in relation to its average performance over this period.

Dive into the specific metrics that hint at SHIB’s moonshot, providing data-driven insights into its future valuation.

Shiba Inu investment analysis – Image via Pixabay

SHIB’s weekly chart

On a weekly chart, SHIB experienced significant losses over the past year, with an approximate decrease of 29%. It faced a notable rejection at a resistance level of $0.000014 in February 2023, leading to continued declines.

Despite some mid-year rallies, the bearish trend prevailed. However, prices started to recover from October, only to face resistance again at $0.000010, reflecting the challenges seen on the daily chart.

Shiba Inu Struggles To Get Consistent Gains Resulting In Investors Switching To Mpeppe (MPEPE)

30 July 2024

Key Shiba Inu Metrics Skyrocket Today: SHIB Price Rally Incoming?

30 July 2024

For SHIB to recover, a substantial bullish effort is needed to push prices upwards. Fortunately, upcoming events such as the Bitcoin halving, potential approval of more crypto spot exchange-traded funds (ETFs), and improving sentiment towards cryptocurrencies could provide the necessary momentum for SHIB’s price recovery. Monitoring the current support and resistance levels can be helpful in tracking future price movements.

[crypto-donation-box]