Shiba Inu Price Prediction as SHIB Declines Over 15% in 24 Hours – Can SHIB Reach $1?
In a remarkable turn of events, Shiba Inu (SHIB), a token once considered a mere speculative asset in the vast and volatile cryptocurrency market, has seen an astonishing surge of 20% during the weekend.
This sudden spike in value has brought the question to the forefront: Can SHIB realistically reach the $1 mark? Currently trading at a modest $0.0000100, SHIB’s recent performance contrasts starkly with its previous decline of over 16%.
Despite its enigmatic market position, indicated by a #4480 ranking on CoinMarketCap and an undisclosed market capitalization, SHIB continues to intrigue investors and market watchers alike.
Focusing on the 4-hour chart, the pivot point for SHIB is established at $0.00001008. The token faces immediate resistance at $0.00001048, with further resistance levels observed at $0.00001098 and $0.00001152.
On the support side, SHIB finds its first level at $0.00000950, followed by subsequent supports at $0.00000896 and $0.00000834.
The Relative Strength Index (RSI) stands at 47, indicating a bearish sentiment as it remains below the midline of 50. In terms of the Moving Average Convergence Divergence (MACD), the value is -0.00000005 with a signal line of 0.00000013, suggesting potential downward momentum.
The 50-Day Exponential Moving Average (EMA) is hovering around $0.0000100. The price position above this EMA suggests a possible shift towards a bullish trend in the short term.
The chart pattern reveals an upward trendline that supports a buying trend, combined with the closure of candlesticks above the 50 EMA, hinting at the likelihood of an upward movement.
In conclusion, the overall trend for SHIB is cautiously bullish above the $0.0000100 mark.
The short-term forecast anticipates SHIB to
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