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Shiba Inu Price Prediction: Will Meme Coin Craze Continue in 2024

Shiba Inu price prediction is mildly bullish for the short run and suggests that the recovery might continue in the coming months. 

SHIB price gained momentum and rose upward by forming a bullish reversal pattern. It shows that correction is over and buyers are getting active to push the price higher. 

The 50-day EMA positively crossed the 200-day EMA, which triggered the positive sentiment and grabbed the attention of investors. 

At the beginning of December, the SHIB crypto price showed a sudden rise and began to recover by forming higher high candles. Moreover, the buying volume also increased rapidly which correlated with the price direction. It showcases that big and genuine investors have participated in the rally. 

The Shiba Inu price recently surged 20% in a single day and attempted to break out of the last six months’ high. However, the attempt did not succeed and the price faced a rejection. 

The sellers are also active and trying their best to defend their territory. The price did not collapse much and retraced back to the 50-day EMA, which might act as a strong support.

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Is Shiba Inu Price Getting Ready for a Big Move?

Shiba Inu Price Prediction: Will Meme Coin Craze Continue in 2024
Source: SHIB/USDT daily chart by Tradingview

Shiba Inu price prediction suggests bulls are trying to take control over the supply zone to hit new swing highs. The chart pattern and price action both favor the bulls and indicate that a $0.00001191 breakout will be visible soon. 

SHIB price is inside the bulls’ grip and the trend is also reversing upward. New investors are likely to invest and give their participation, which might positively impact the price. 

The analysis suggests that as long as the SHIB crypto is sustaining above both the EMAs, the probability of $0.00001191 breakout remains high.

The Positive Momentum in the SHIB Price is Intact

SHIB price rose by approximately 27% in the current month and formed a giant bullish candle on a monthly chart. The positive momentum is still intact and buyers are getting ready for another attempt of breakout. 

If buyers succeed, a 15% to 20% sharp rise is possible. In the recent gains, short-term bulls got the reward but in the next move, existing long-term investors will also be benefited. 

Conclusion

The Shiba Inu price prediction stays bullish for the short run and suggests the recovery might continue. The craze of meme coin SHIB is slowly growing and might peak in 2024. So, investors might take this as an opportunity to buy and generate nominal returns.

Technical levels
  • Resistance levels: $0.00001191 and $0.00001403
  • Support levels: $0.00000912 and $0.00000800

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Nancy J. Allen
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.