Shiba Inu Price Prediction as SHIB Drops 2.5% in 24 Hours – Time to Buy the Dip?
SHIB has fallen to $0.00002394 today, with the Shiba Inu price dropping by 2.5% as the crypto market as a whole falls by 0.5% in the past 24 hours.
While SHIB is actually up by 1.5% in the past week, it’s down by 6% in a fortnight, following a fall May 6-13 that it so far hasn’t quite recovered from.
However, the ever-popular meme token remains up by 4.5% in a week and by 175% in the past year, giving it strong medium- and long-term momentum.
This means that now would be an opportune time to buy the dip, with the Shiba Inu price likely to peak again soon.
After a dip overnight, SHIB has actually recovered a little momentum this morning, even if it has stopped rising within the past couple of hours.
Its relative strength index (purple) has risen back up to 50, after dropping below 30, a sign that some buyers have already bought the dip.
At the same time, SHIB’s 30-day average (orange) looks like it’s just about to drop below the 200-day average (blue), something which could portend further falls in the near term.
Yet the recovery of the past couple of hours could help it avoid such a fate, with the coin potentially returning to growth very soon.
What’s also interesting is that the token’s support (green) and resistance (red) levels are sliding towards each other, something that usually predicts a big move.
This could be in either direction, with SHIB’s relatively low volume – at $300 million today – making the coin more vulnerable to volatility.
A whale just took a $3.2M (x2) profit from $SHIB after 2.6 years!
The whale bought 199B $SHIB (est. cost: $1.68M) from #Coinbase and DEX between Oct 10, 2021, and Sep 11, 2023,
And then deposited all $SHIB (now $4.88M) to #Coinbase 3 hours ago, realizing an est. profit of $3.2M…
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