Shiba Inu (SHIB), a prominent meme coin in the cryptocurrency market, has recently attracted attention. SHIB is frequently compared to Dogecoin in terms of market position. The token’s performance in 2024 has been noteworthy.
At the start of the year, SHIB was trading at a price lower than $0.000010. The token then underwent a significant rally, increasing by more than 450% and reaching a high of $0.000045 in the middle of February. Although the current price is still 72.5% lower than the all-time high achieved in 2021, the recent price movement suggests renewed interest and a shift in market sentiment regarding this popular cryptocurrency.
As of now, SHIB is trading at approximately $0.00002369 following a period of consolidation. The token appears to be in a position where it could potentially experience its next price movement. There is uncertainty regarding whether the token has enough fundamental support to drive its value beyond the psychologically important level of $0.00003 within the current week.
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How high can Shiba Inu go this week?
Shiba Inu has risen by 5.7% in the last 24 hours. SHIB is also eyeing the $0.00003 level, according to CoinGecko data.
According to Changelly analysts, SHIB is expected to trade at a minimum of $0.00002552 and a maximum of $0.00003378 during this week. The forecast also highlights that SHIB can hit the $0.00003 level.
Historically, Bitcoin’s performance has often served as a catalyst for price movements in other cryptocurrencies. SHIB’s most significant price increases coincided with BTC reaching new highs during its climb towards $73,000. As Bitcoin is considered a key indicator of overall market sentiment, its ability to break through previous resistance levels often leads to a market-wide upswing, particularly for more speculative altcoins.
Also read: Top 4 Meme Coins Other Than Shiba Inu To Watch In May
However, relying exclusively on Bitcoin’s price action may not be sufficient to maintain further substantial gains for SHIB, especially in the absence of significant fundamental announcements or developments. The token’s developers are focusing on increasing adoption and utilizing the SHIB Burn Portal to improve the token’s economic model.
Traders should also consider the possibility of volatile price movements around these psychological barriers, particularly if Bitcoin’s current rally experiences setbacks. Nevertheless, Shiba Inu’s overall trajectory suggests that it has the potential to surpass its previous all-time high sometime this year.
