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The Shiba Inu price surged 4% in the last 24 hours to trade at $0.0000164 as of 3.40 a.m. EST on trading volume that jumped 9% to $469.6 million.
The second largest meme coin by market cap has certainly seen a reason for a price increase recently after a few positive developments.
One of them is the recent announcement of SHIB taking flight in the travel industry thanks to the fact that Block Travel, a global travel agency, started accepting SHIB payments. Travelers can use Shiba Inu to pay for flights, hotels, and more.
SHIB takes flight in the travel industry! Block Travel, a global travel agency, now accepts $SHIB for flights, hotels & more! ✈️ Let us know your dream Shiba travel destinations in the comments!
Read about it below 👇🏼 https://t.co/PLkfxDo4WX
— Shib (@Shibtoken) July 8, 2024
In addition, Shiba Inu also said that Shibarium continues to grow faster and stronger, as it welcomed two new projects — K0 Finance DAO and Unification.
#Shibarium grows faster & stronger everyday!
Welcome @K9finance
Welcome @UnificationUND https://t.co/8aLn200ZGt— Shib (@Shibtoken) July 8, 2024
However, given the major market moves seen in recent days, the SHIB price increase right now is likely just the coin following the recent market developments as today’s recovery follows a major bearish wave.
Shiba Inu Price Prediction
Shiba Inu has seen a troubling week, although its price drop is not as bad as Dogecoin’s, for example. The leading meme coin saw a 12% price drop in the last week compared to SHIB’s 4% drop. Right now, Shiba Inu is seeing a 4% daily increase, as mentioned, but there are signs that the surge will not last.
Technical indicators like Bollinger bands show bearish signs. The bands have recently narrowed around SHIB’s price, and in the last hour especially, SHIB has started closing in on the lower band instead of maintaining its balance between the two. This is a strong bearish signal, which suggests an upcoming correction.
Another signal that many traders in the community use to make trading decisions is the Relative Strength Index (RSI). In Shiba Inu’s case, the RSI value has seen a major dive in the last few hours, going from 63.71 to the current 47.20.
This shows that traders have started massively selling the token, and that the bears are once again overtaking the market. As a result, the price is expected to follow this drop, and indeed, this can already be seen in the chart above, where the SHIB value is going in the red and approaching the lower band.
It appears that the crypto sector will continue to remain volatile despite the fact that it has already entered deep into the summer, which is usually uneventful, with flat prices. For now, Shiba Inu still has a strong support at $0.0000160, although it is not impossible for this level to break if the new bearish wave ends up being as strong as the last, which took it down to $0.0000150.
Promising Alternatives to Shiba Inu
With the Shiba Inu price giving new signs of an upcoming correction, investors might want to consider an alternative in the form of a freshly launched Shiba Inu-inspired token known as 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
This is a meme coin project that combines the popular dog meme with a Wild West setting, which results in a unique atmosphere and feel. The token’s presale kicked off last week, and it is off to a great start, already having raised over $580k as of the time of writing.
The action takes place in the town of Shiba Gulch, a place at the heart of the Wild West crypto frontier where Shiba enthusiasts converge to participate in challenges, share memes, and immerse themselves in the excitement of the Shootout.
Crypto experts have already caught wind of it, with a popular crypto YouTuber, Jacob Crypto Bury, predicting that this could be the next 10x potential meme coin.
SHIBASHOOT currently sells for $0.0195. Its price will increase in less than five days, giving interested investors a little time to research the project and make their moves before the hike.
Buy SHIBASHOOT tokens on the official website here with ETH, BNB, USDT, or credit/debit cards.
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