Shiba Inu Price Forecast: Is $0.00002 Within the Reach Amidst Market Rebound?
The Shiba Inu price has surged 3% today, with the SHIB/USD trading at $0.00001375. Despite the surge in price, its 24-hour trading volume has plummeted 52% to $318.38 million. Meanwhile, the SHIB ecosystem saw a recent burn of $2.9 million worth of SHIB tokens, as reported by Shiburn Tracker. This suggests a bullish outlook among investors and traders.
A well-known crypto investor, Armando Pantoja, has mentioned that SHIB will explode to the $0.001 mark. He has revealed that “the correction is over and already in the prime buying range.”
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$Shib is about to explode past macro resistance with a bullish RSI divergence. The correction is over, and it’s already in the prime buying range. It's going to $0.001. FOMO is about to hit hard. #SHIB #ShibaInu #ShibaInu pic.twitter.com/fQsxH7yYgF
— Armando Pantoja (@_TallGuyTycoon) August 6, 2024
Moreover, an increase in whale activity and a surge in Shiba Inu prices will add to the renewed interest in the asset. This renewed interest could lead to a subsequent price increase. A volume increase accompanying upward movement would be a stronger signal for a potential rally.
Shiba Inu Price Statistical Data
Based on CoinmarketCap data:
- SHIB price now – $0.00001375
- SHIB market cap – $8.11 billion
- SHIB total supply – 589.27 trillion
- SHIB circulating supply – 589.27 trillion
- SHIB ranking – #13
The SHIB price soared from mid-July, reaching the $0.00002005 resistance level. However, the bears took control as the price of Shiba Inu dropped within the confines of a falling channel. The recent crypto market recovery has seen the Shiba Inu price rebound 21% from Monday’s decline of $0.00001098. Meanwhile, an impending resistance at $0.00001461 poses challenges for sustained growth.
Shiba Inu Technical Outlook Emerges Bullish
To start with, the SHIB price trades below the 50-day (green) and 200-day (blue) Simple Moving Averages(SMA), tilting the odds toward the sellers. In this case, the bulls must first deal with the $0.00001461 and $0.00001645 resistance keys.
On the other hand, the Relative Strength Index (RSI ) has rebounded from the 30-oversold zone and is currently at 48. It is still soaring on the 4-hour chart, which indicates that the bulls are resilient in the market. Soon, the RSI could breach the 50-mean level, tilting the odds towards the buyers.
The Moving Average Convergence Divergence (MACD) has flipped bullishly. The momentum indicator upholds the bullish outlook and hints at the uptrend reaching higher than the next resistance at $0.00001461. The buy signal appeared around August 6, with the blue MACD line crossing above the orange signal line. Traders are inclined to continue buying SHIB unless the trend in the MACD changes.
Will the SHIB Bulls Trigger a Rally, Reaching the $0.00002?
In the 4-hour chart analysis, the bulls have entered the market and could trigger an upward trajectory. If the bulls capitalize on the RSI and MACD, which suggests that buyers are now adding to their positions, the price of Shiba Inu could rally.
In such a case, the bulls will flip the 50-day SMA at $0.00001461 into support, targeting the next resistance at $0.0001685. In a highly bullish case, the SHIB price could retest the $0.00002 mark. Conversely, if the sellers capitalize on the 50-day and 200-day Simple Moving Averages, which still show bearish prospects, the SHIB price could drop. In such a case, the token price might retest the $0.00001098 support level.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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