With the Shiba Inu (SHIB) Price having bounced 6% to $0.00002750 from its recent bottom around $0.00002550, traders are wondering whether the recent sell-off might now be over.
Despite its bounce, the Shiba Inu price remains around 17% lower versus last week’s highs near $0.000033.
Macro headwinds have been weighing on market sentiment this week. Other major cryptos like Bitcoin have been pulling lower as traders reduce bets on Fed interest rate cuts.
That’s in wake of largely stronger-than-expect US economic data released this week.
This has dampened sentiment in the meme coin market, with the Shiba Inu price down over 40% from yearly highs.
Shiba Inu bulls are unlikely to be losing hope, however. SHIB’s market cap remains around $16.3 billion, with the token up nearly 3x since mid-February.
The bulls will be hoping that bullish themes like spot Bitcoin ETF inflows and the upcoming Bitcoin halving can breathe a new wave of excitement into the meme coin space.
Shiba Inu Price Prediction – Where Next for SHIB?
Chart analysis can help shed some light on where the Shiba Inu price might be headed next.
SHIB has recently fallen below its 21DMA, as well as a pennant structure in play since early March.
Shiba Inu price predictions are more bearish in the short-term following recent technical developments. Source: TradingView
That suggests an elevated risk of technical selling in the coming days. A retest of support in the form of the mid-March lows and 50DMA around $0.000023 is likely.
Eventually, SHIB might even fall as low as support-turned-resistance in the $0.0000017-18 area.
Shiba Inu price predictions are more bearish in the short-term following recent technical developments. Source: TradingView
But with the crypto market in the midst of a bullish phase, long-term price risks remain tilted to the upside.
Its impossible to predict when the next explosive move higher will come. But traders would be wise to bet that the next parabolic move will be one to the upside, not downside.
A retest of 2021 record highs near $0.00009 remains on the cards for this year.
Shiba Inu Alternative to Consider – Presale Investing
Shiba Inu offers potential investors a great chance to make solid gains.
However, those looking for a better probability of near-term gains should consider an alternative high-risk, high-reward investment strategy—getting involved in crypto presales.
Presales offer investors a routine to get involved in a project at its very early stages, and thus potentially make returns of as much as 100x.
If investors can identify projects with solid foundation, the risk/reward of their investment is very good.
Analysts at Cryptonews spend a lot of time examining new presale projects.
Here are 14 of the best presales of 2024, according to the team at Cryptonews:
See the 14 Cryptocurrencies
The post Shiba Inu Price Prediction as SHIB Bounces 6% From Recent Bottom – Sell-Off Over? appeared first on Cryptonews.
