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Cryptocurrency News Articles
Shiba Inu (SHIB) Price Prediction: Will the Meme Coin Mania Continue?
Sep 25, 2024 at 08:11 pm
As the price of Bitcoin reclaimed the $64,000 level, the meme coin market has taken a rise. Notably, some mid-cap and low-cap memecoins have recorded a surge of up to three digits. This highlights a rising interest of investors in it.
The price of Bitcoin has surged past the $64,000 mark, leading to a rise in the meme coin market. Some mid-cap and low-cap memecoins have seen a three-digit surge, indicating strong investor interest in this segment.
Amidst this, investors are speculating about a possible memecoin mania. In this article, we will analyze the market sentiments and price prospects of the Shiba Inu (SHIB) memecoin for the upcoming week.
SHIB Price Consolides
The price of SHIB has risen by approximately 2% in the past 24 hours, with a trading volume of $174.77 million. During the early Asian trading hours, SHIB managed to reclaim the $0.0000150 level. Moreover, it has surged by about 10% over the past week, indicating a bullish trend.
However, SHIB has continued to trade within a consolidated range between $0.00001175 and $0.0000170 since July. This highlights weak buying and selling pressure for SHIB memecoin in the cryptocurrency market.
In the 1D time frame, the Simple Moving Average (SMA) provides constant support to the SHIB price chart, indicating a strong bullish sentiment for the second largest memecoin in the crypto space.
Furthermore, the RSI indicator shows a gradual increase toward the overbought range, suggesting a positive outlook for the Shiba Inu price in the upcoming weeks.
Could SHIB Price Reach $0.000023?
With the market momentum, the SHIB coin price will test its important resistance level of $0.0000170 in the upcoming period. Moreover, if the bullish sentiment intensifies, it could lead to a movement toward its upper resistance level of $0.00002350.
On the other hand, if the bears overpower the bulls, it could result in SHIB memecoin plunging toward its crucial support level of $0.00001175 in the coming time.
If you’re interested in knowing whether SHIB will initiate a 2021-like rally, check out our Shiba Inu Price Prediction!
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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