Over the past few hours, the price of Shiba Inu (SHIB/USD) has taken a hit, trading at $0.000030 with a 24-hour volume of $1,543,917,018.
This brings the total market cap of SHIB to $18,784,092,955, ranking it as the 12th largest crypto in the world, according to data from CoinGecko.
Market volatility fuels speculation on the coin’s potential to reach the $1 milestone, given the success of similar dog-themed meme coins such as DogWifHat.
This analysis delves into Shiba Inu’s price predictions, considering its market dynamics and investor sentiment, to gauge the possibility of such a milestone.
Shiba Inu Price Prediction
Shiba Inu’s pivot point is set at $0.000029 which is serving as a baseline for potential upward movement, with immediate resistance observed at $0.000032.
Subsequent barriers at $0.000035 and $0.000038 could challenge bullish advances.
Conversely, support levels at $0.000026, $0.000024, and $0.000020 provide safety nets against further declines.
Shiba Inu shows bullish potential. Pivot point at $0.000029.
Resistance at $0.000032, $0.000035, $0.000038. Support at $0.000026, $0.000024, $0.000020
RSI at 58 and 50-day EMA at $0.000029 bolster optimism, yet a breach below could signal a downturn. #SHIB #CryptoForecast pic.twitter.com/CsyoJCr3PM— Arslan Ali (@forex_arslan) March 28, 2024
Indicators like the Relative Strength Index (RSI), standing at 58, suggest a favorable buying environment, potentially buoying SHIB’s ascent.
Moreover, the 50-day Exponential Moving Average (EMA) at $0.000029 corroborates a bullish sentiment, provided SHIB sustains above this threshold.
A notable formation, the double top pattern at $0.000031, introduces a resistance level that could cap gains unless decisively breached.
In conclusion, Shiba Inu’s market behavior exhibits a bullish potential above the critical $0.000029 mark.
Nevertheless, traders should remain vigilant, as a drop below this level could precipitate a significant sell-off.
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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.
