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Shiba Inu (SHIB) Price Prediction: SHIB to Doge-Dance to a New High or Low?

Shiba Inu (SHIB) Price Prediction: SHIB to Doge-Dance to a New High or Low?
Shiba Inu (SHIB) Price Prediction: SHIB to Doge-Dance to a New High or Low?

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Shiba Inu (SHIB) has been a hot topic in the crypto world since its price fluctuates significantly. SHIB could follow in the footsteps of Dogecoin (DOGE) and reach remarkable highs, while other analysts remain cautious, suggesting it may fall.

Several factors will determine SHIB’s trajectory, such as market sentiment, trading volume, and overall crypto market conditions.

Shiba Inu is currently trading for around $0.000007122. The 24-hour trading volume for Shiba Inu is about 85.6 million. Trading activity increased by 32%, but SHIB’s price dropped by around 4%.

Over the past week, SHIB’s price dropped by about 8% and fell by 29% in the last month. Many traders and investors see this decline as an opportunity to buy at a lower price and profit later.

Watch the SHIB market. SHIB’s performance in the next few weeks will be discussed in this article.

Shiba Inu (SHIB) Statistics:

  • Today’s Price – $0.000007122
  • Market cap – $4.2 Billion
  • Circulating supply –  589.35T SHIB
  • Total supply –   589.35T SHIB
  • CoinMarketCap ranking – 16
Source: CoinMarketCap

Shiba Inu’s Price Analysis: Keeping an Eye on Key Resistance and Support Zones

Here’s what you need to know about the daily chart: The price could hit the $0.000008670 resistance level. If it reaches that point, the price might go up. If it stays below that level, it will drop to $0.000006940, a support level.

Source: TradingView Daily Chart SHIB/USDT

The price might find support near $0.000006940 and $0.000006420 and resistance at $0.000008670 and $0.000009460.

It could keep increasing, possibly reaching $0.000008750 or even more, if the price stays above the 50 and 100-day moving averages.

The SHIB’s RSI is around 40, which suggests the price will decrease shortly. RSI signals and moving averages suggest a decline in SHIB. Don’t forget to watch out for the S1 support level at $0.000006940 and the RSI-14. The price might drop if the first support level breaks and the RSI-14 drops below 40. Put stop-loss orders in your trades. It helps you protect your investment.

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