Shiba Inu (SHIB) has been under extensive discussion in the crypto space due to its high volatility. Some believe that SHIB can explode similarly to how PEPE happened on May 27, 2024, but others suggest that it can go in the opposite direction.
Things like the market situation would then determine the future of the project—in this case, SHIB. trading volume, specific coins and tokens, as well as the general conditions in the crypto sphere.
At the time of writing, the Shiba Inu (SHIB) coin is valued at $0.00002489. Over the last one day, $330. A total of 690 million SHIB tokens were exchanged. In the last 24 hours, the price of SHIB declined nearly 2% due to a reduction in trading volume of almost 38%.
Source: CoinMarketCap
In the last week, the price of SHIB rose by approximately 1 percent. It is 12%, an increase of more than 12% over the past month. Such investors and traders regard this as an opportunity to invest in SHIB at a cheaper price and sell it at a higher price in the future.
Concerning the analysis of the SHIB market, keep an eye on it. In this article, we will highlight what future holds in store for SHIB in the coming days or so.
Shiba Inu Price Forecast: Keep an Eye on Resistance and Support levels
Here’s a simple summary of the daily chart: The price might rise to $0.00002612, a key resistance level. If it reaches this point, the price could go higher. If the price doesn’t reach that level, it will likely fall to $0.00002337, which is a key support level.
The price might find support around $0.00002337 and $0.00002060, and resistance levels around $0.00002612 and $0.00002957.
Source: TradingView
If the price stays above the 50-moving averages, it could keep rising and possibly reach $0.000002612 or higher. In another scenario, if the price stays below the 50-day moving averages, it could go down and possibly reach $0.00002337 or more below.
The SHIB’s RSI is around 48, indicating that the price might go down soon. Both RSI signals and moving averages show a potential decline in SHIB. Keep an eye on the S1 support level at $0.00002337 and the RSI-14. If the first support level breaks and the RSI-14 drops below 40, the price could drop further.
Note: Using stop-loss orders in your trades is important to safeguard your investment. This article only provides information, so before investing in any coin, do your own research.
