{"id":561261,"date":"2024-08-06T11:57:29","date_gmt":"2024-08-06T11:57:29","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=561261"},"modified":"2024-08-06T09:09:55","modified_gmt":"2024-08-06T09:09:55","slug":"shiba-inu-price-prediction-shib-soars-23-as-market-panic-eases-and-the-shibashoot-presale-rockets-towards-1-million-raised","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/shiba-inu-price-prediction-shib-soars-23-as-market-panic-eases-and-the-shibashoot-presale-rockets-towards-1-million-raised","title":{"rendered":"Shiba Inu Price Prediction: SHIB Soars 23% As Market Panic Eases And The SHIBASHOOT ICO Rockets Towards $1 Million"},"content":{"rendered":"

The Shiba Inu price surged 23% in the last 24 hours <\/span>to trade at $0.00001383<\/span><\/a> as of 03:20 a.m. EST on trading volume that soared 19% to $775 million.<\/span><\/p>\n

The SHIB bounce comes as the crypto market rebounds from a market crash that was triggered by interest rate concerns, worries over a recession in the US, and rising geopolitical tensions centered on the Middle East.<\/span><\/p>\n

But that seems largely forgotten today as the meme coin sector’s market cap soars 15% to $37 billion.<\/span><\/p>\n

Shiba Inu Price On A Sustained Bullish Trend Reversal<\/h2>\n

The recent market decline saw the Shiba Inu price shed 31% from the beginning of August to as low as $0.0000113 yesterday, according to data from <\/span>GeckoTerminal<\/span><\/a>. SHIB has been dropping within the falling channel pattern.<\/span><\/p>\n

Despite the recent drop below the channel, the price of Shiba Inu has rebounded from below the lower boundary of the channel to trade slightly above the upper boundary.<\/span><\/p>\n

The surge has now pushed SHIB above the 50-day Simple Moving Average (SMA) level at $0.00001307, confirming the bullish stance in the short term. If this momentum continues, the Shiba Inu Price will eventually surpass the 200-day SMA, which acts as the immediate resistance level at $0.00001513.<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) is trading upwards towards the 70-overbought region, currently at 61, an indication that buyers have the upper hand.<\/span><\/p>\n

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

The Moving Average Convergence Divergence (MACD) also shows that the token is currently in a sustained bullish trend, as the MACD now soars past the neutral line. The blue MACD line is also crossing above the neutral line, representing a bullish crossover.<\/span><\/p>\n

A bullish crossover, with the green bars on the histogram rising above the neutral line, indicates that SHIB is currently in positive momentum.<\/span><\/p>\n

Shiba Inu Price Prediction<\/h2>\n

According to the Shiba Inu price analysis on the 1-hour, SHIB is currently on strong momentum to the upside. The Shiba Inu price has finally surpassed the upper boundary of the falling channel, signaling the start of a bullish stance to the upside.<\/span><\/p>\n

If the bulls keep pushing the token up, they could push the tokens, as they target $0.00001712.<\/span><\/p>\n

However, if the bears take control of the price at this level, Shiba Inu could retest the previous support zone at $0.0000113.<\/span><\/p>\n

As the SHIB price surges, so investors are pumping funds into a Shiba Inu alternative called <\/span>Shiba Shootout (SHIBASHOOT)<\/span><\/a>, which has amassed over $881K in its presale.<\/span><\/p>\n

According to the crypto channel 99Bitcoins, with more than 706k subscribers, investors who buy $SHIBASHOOT can earn “insane rewards.“<\/span><\/p>\n