Shiba Inu Price Prediction as $175 Million in Volumes Come In – Where Next for SHIB?
Shiba Inu (SHIB) has reversed sharply from an attempt earlier in the day to push to the north of the upper $0.000010s and an increase in trading volumes as traders return from New Year celebrations.
Having been as much as 2.5% higher on the day, SHIB is now down by over 1.5% as the bulls and bears continue to battle for supremacy at the start of 2024.
Tuesday saw 24-hour spot SHIB trading volumes across major exchanges jump to $175 million as per Yahoo Finance, the highest in nearly a week, though still low versus the early/mid-December average.
Arguably, SHIB is still in an uptrend that has seen it gain around 60% from its October lows.
The cryptocurrency also continues to hold just about to the north of its 21DMA.
However, the cryptocurrency is threatening a break of these uptrends, which could result in a short-term dip.
A bearish breakout would likely trigger a quick retest of support in the $0.000009-0.0000095 area, where the 50DMA resides.
Assuming that the broader crypto market remains in an uptrend in the coming weeks and months, there is a good chance that longer-term SHIB bulls would jump in to buy any dip to sub-$0.000010 levels.
Longer-term price predictions are likely to remain bullish.
However, SHIB continues to lag major cryptos like Bitcoin (BTC) and Ether (ETH) in terms of performance over the past 12 months.
Where SHIB is only up around 27% in the past year, BTC and ETH are up 169% and 94% respectively.
For SHIB to catch up, a sustained rise in on-chain activity on the recently launched Shibarium layer-2 Ethereum scaling blockchain, which was launched to provide a home for the Shiba Inu web3 ecosystem, will be needed.
Some hopeful signs of Shibarium adoption came in early December, when new accounts, active
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