{"id":560777,"date":"2024-08-05T15:06:58","date_gmt":"2024-08-05T15:06:58","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/auto-draft\/"},"modified":"2024-08-05T15:06:59","modified_gmt":"2024-08-05T15:06:59","slug":"shiba-inu-price-prediction-as-shib-plummets-19-and-experts-say-buy-the-dip-with-this-shiba-inu-p2e-derivative","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/shiba-inu-price-prediction-as-shib-plummets-19-and-experts-say-buy-the-dip-with-this-shiba-inu-p2e-derivative","title":{"rendered":"Shiba Inu Price Prediction As SHIB Plummets 19% And Experts Say Buy The Dip With This Shiba Inu P2E Derivative"},"content":{"rendered":"

The Shiba Inu price plummeted 19% in the last 24 hours <\/span>to trade at $0.00001176<\/span><\/a> as of 05:10 a.m. EST on trading volume that surged 221% to $677 million.<\/span><\/p>\n

This comes as the entire crypto market experienced a sell-off over the weekend, which briefly drove Bitcoin below $50k and Ethereum back below $2,500.<\/span><\/p>\n

Data from <\/span>IntoTheBlock<\/span><\/a> shows that only 19% of SHIB holders are making money, while over 53% of the holders are not. <\/span><\/p>\n

\"shib<\/p>\n

The correction led to the meme coin space slumping, with meme coin titans including DOGE, SHIB, and PEPE all suffering steep losses.<\/span><\/p>\n

Shiba Inu Price Remains Bearish<\/h2>\n

The Shiba Inu price tumbled in August, dropping from $0.00001600, according to data from <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n

SHIB has since been trading within a falling wedge pattern and crossed below the lower boundary today to plunge to the $0.00001126 support level.<\/span><\/p>\n

The SHIB bulls aim to use this support as a cushion to push the price of Shiba Inu up, with the Relative Strength Index (RSI) rebounding from below the 30-oversold level to currently trade at 32.<\/span><\/p>\n

If the buying continues, SHIB could soar higher above the channel, as investors target $0.00001727.<\/span><\/p>\n

\"Shiba
Shiba Inu Price Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

However, Shiba Inu price still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the bearish stance of the token. In this scenario, SHIB could retrace further to the $0.0000090.<\/span><\/p>\n

With the current bearish outlook in SHIBA, investors are constantly looking for the next big opportunity that could deliver exponential returns. <\/span><\/p>\n

While Shiba Inu (SHIB) has already made waves with its incredible rise, another meme-inspired project is quickly gaining traction and has analysts saying it may be the next breakout meme coin star<\/span><\/p>\n

The project is called <\/span>Shiba Shootout (SHIBASHOOT)<\/span><\/a> and YouTube channel 99Bitcoins, with over 706K subscribers, recently told Shiba Inu holders that they need ”to watch this.”<\/span><\/p>\n