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The Shiba Inu price plummeted 15% in the last 24 hours to trade at $0.00001334 as of 3.30 a.m. EST on trading volume that skyrocketed 76% to $489.9 million.
The SHIB price slumped as a consequence of market-wide bearish sentiment, which pushed most cryptos down. Bitcoin tumbled 8% in the last 24 hours and 12% in the last seven days, plunging to $54k for the first time since February.
Apart from stablecoins, all of the 10 largest cryptos by market cap are trading in the red, as are the top 10 largest meme coins.
Despite the 15% price drop in the last day and the 23% price drop in the last week, SHIB remains the second-largest meme coin with a market cap of $7.8 billion.
Shiba Inu Price Prediction
Like with the rest of the crypto market right now, the SHIB price is being dragged down by overall bearish sentiment. With that being the case, it is most likely under Bitcoin’s influence, so its own technical indicators may not accurately depict what will happen to the token next.
However, with many of the traders using technical indicators to make their trading decisions, it is worth noting that SHIB-related signals point toward further drops.
For example, the token’s Bollinger bands have seen a sharp narrowing in the past few hours, although the price remains halfway between the upper and the lower band, which may suggest that the selling pressure is slowly starting to weaken, and that the coin might stabilize soon.
Meanwhile, SHIB’s Relative Strength Index (RSI) value is currently at 40, about halfway between the true neutral zone at 50 and the start of the oversold area at 30. It climbed to this value after being deep in the oversold zone previously, meaning that some have rushed in to buy the dip.
The question now is whether these traders are going to HODL and waiting for others to follow their lead or if they are simply waiting for the right time to sell again in the short term.
In terms of price, SHIB seemingly found a strong support at $0.0000130, and for the time being, it is not showing signs that this level will break. However, if the bearish wave strengthens, it is not impossible for it to break.
Alternatively, SHIB could try to breach the resistance at $0.0000140, and potentially recover to $0.0000150 if the bulls return over the weekend.
Promising Alternative To SHIB
Right now, it seems like it is not yet time to buy SHIB, as the best move would be to wait for the token to find its bottom. However, that doesn’t mean that you can’t do anything in the meantime.
Some analysts say that one of the most attractive and promising alternatives to Shiba Inu right now is a similar new meme coin called Shiba Shootout (SHIBASHOOT).
Saddle up! #ShibaShootout is more than a #memecoin it's a Wild West crypto adventure! 🐾💥
Join Marshal Shiba & the Sharpshooters in Shiba Gulch for fun and excitement. 🤠🚀 pic.twitter.com/a3BFVx7u42
— shibashootout (@shibashootout) July 1, 2024
SHIBASHOOT is a newly launched presale that went live only three days ago. It quickly attracted attention, and its ICO has already raised more than $530k
The project has a wild west design, combining the popular period from American history with the crypto frontier.
It offers staking, which is available as soon as you invest, and its token will seemingly launch on both Ethereum and BNB Smart Chain, given that the Shiba Shootout Wiki says that the token type will be ERC-20 and BEP-20.
Shiba Shootout already caught the eye of crypto experts such as the crypto YouTuber Jacob Crypto Bury, who has over 41k subscribers. The expert speculated about SHIBASHOOT having 10x potential after launch, as well as the chance for it to become the next Shiba Inu.
The SHIBASHOOT token is selling for $0.0195, and you can buy it with ETH, USDT, BNB, or credit/debit cards. A price hike is coming in less than nine days so don’t wait too long if you are interested to buy the project.
Buy SHIBASHOOT tokens on the official website here.
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