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Cryptocurrency News Articles
Shiba Inu ($SHIB) Price Prediction: Meme Coin Could See Triple-Digit Percentage Increase
Oct 14, 2024 at 04:12 pm
Shiba Inu (SHIB) is experiencing a surge of activity, with its price showing signs of life amid the broader cryptocurrency market’s fluctuations.
Shiba Inu (CRYPTO: SHIB) price showed signs of life amid the broader cryptocurrency market’s fluctuations on Monday morning.
What Happened: SHIB price rose 1.77% during the past 24 hours and was last seen trading at $0.00001795.
Over 24 hours, SHIB trading volume surged 17.54% to reach $294.22 million, according to data from Benzinga Pro.
Chart shows the price movement and 24-hour volume for Shiba Inu.
Shiba Inu price is displaying a downtrend: Taking into account the past 30 and 90 days, SHIB price showed a surge of 29.63% and 30.1%, respectively.
However, the token price dropped 2.28% during the past seven days.
Why It Matters: A crypto analyst, known as Javon Marks on social media, shared a technical analysis on X, predicting a potential triple-digit percentage price increase for SHIB.
The analysis centered on a technical pattern known as a “Falling Wedge,” which is often seen as a bullish indicator on price charts.
Marks highlighted the occurrence of SHIB price breaking above the upper trendline of the falling wedge, which is seen as a confirmation of the bullish pattern and may indicate a potential reversal in the downward trend.
In his view, this breakout could serve as a catalyst for the predicted price surge, which he suggested could happen “ASAP.”
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The prediction aligns with the recent positive price performance for SHIB, which follows a broader market recovery and increased interest in meme coins.
However, it’s important to note that technical analysis is not a foolproof method and various factors, including market conditions, project fundamentals and macroeconomic data, can influence price movements.
Shiba Inu is experiencing a surge of activity, with its price showing signs of life amid the broader cryptocurrency market’s fluctuations. As of early Monday morning (3:43 a.m. ET), SHIB was trading at $0.00001795, marking a 1.77% increase over the past 24 hours.
This uptick comes alongside a notable 17.54% jump in trading volume, reaching $294.22 million within the same timeframe. This increased trading activity suggests a renewed interest in the meme coin, potentially driven by recent market developments or renewed speculative interest.
However, zooming out reveals a more nuanced picture. While SHIB has enjoyed a healthy 29.63% surge over the past month, it has experienced a slight dip of 2.28% in the last seven days. This short-term volatility underscores the inherent risk associated with meme coins, which are often subject to rapid and unpredictable price swings.
With a circulating supply of 589.52 trillion SHIB, the token’s market capitalization currently stands at $10.61 billion, reflecting a 1.77% increase in line with the 24-hour price gain, data from CoinMarketCap revealed. This substantial market cap places Shiba Inu among the top cryptocurrencies by market size, highlighting its continued relevance in the digital asset landscape. However, the sheer size of the circulating supply means that even significant price increases translate to relatively small gains on a per-token basis.
The recent surge in trading volume, coupled with the positive 24-hour and 30-day price performance, suggests a potential resurgence of interest in Shiba Inu. However, the slight decline over the past week serves as a reminder of the token’s volatility. Investors should carefully consider these factors, along with broader market trends and project-specific developments, before making any investment decisions related to SHIB. The meme coin’s future trajectory remains uncertain, and while the current data offers a glimpse of positive momentum, the inherent risks of the cryptocurrency market should not be overlooked.
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