Factors that will propel the Shiba Inu Coin: Can SHIB Price achieve $0.1?
Shiba Inu (SHIB) enthusiasts are filled with optimism as LunarCrush, the leading social intelligence platform, identifies several bullish signals that suggest the token’s potential for growth.
Why is Shiba Inu’s Rise Imminent?
Firstly, there has been a significant increase in social activity surrounding SHIB, indicating a growing interest and engagement among users on various social media platforms. This surge in interaction often precedes bullish price movements, signaling a larger audience becoming interested in SHIB.
Secondly, SHIB has experienced a rise in its price action, which could indicate increased buying pressure and investor confidence in the token. This positive price momentum is a promising sign for current SHIB holders and potential investors.
Furthermore, the market volume for SHIB has increased, suggesting a rise in trading activity and liquidity. Higher trading volume is typically associated with price uptrends, indicating increased participation from traders and investors.
In addition, LunarCrush’s AltRank for SHIB has significantly improved, moving up to the second position from its previous ranking of 98th. This improvement in AltRank reflects positive sentiment and market dynamics surrounding SHIB, potentially attracting more attention and investment.
Despite a decline in certain social metrics such as interactions and posts, SHIB has seen an increase in social sentiment and dominance. This suggests that while the number of interactions may have slightly decreased, the overall sentiment towards SHIB remains positive, indicating strong support from the community.
The official SHIB account has endorsed these positive indicators, further showcasing confidence in the token’s potential for growth. The acknowledgment of the buzzing social activity and the strength of the SHIB community highlights the belief that SHIB has a dedicated, active, and supportive following.
Is a Turnaround Possible?
Recent market activity, including significant accumulation of tokens in new wallets and recognition from leading exchanges like WazirX, further supports the bullish thesis for SHIB. Although SHIB may have faced some losses in the past week amidst broader market corrections, its current performance suggests resilience and potential for a turnaround.
The price of Shiba Inu is currently facing strong downward pressure and struggling to recover during a correction phase. Despite briefly breaking a long-term resistance trendline, the SHIB price couldn’t sustain the rally and fell below $0.000010.
While a double bottom formation has disrupted the pattern of lower highs, sellers remain active. The future trajectory of SHIB depends on whether it can surpass $0.00001195 for a potential rise to $0.00002026 in 2024 or if it reverses, risking a drop to $0.00000750. Despite some risks, the overall outlook for SHIB remains positive.
Shiba Inu has become one of the most explosive investment assets in history. Although reaching a price of $0.01 per token may seem highly unlikely, it is not impossible.
Tags: Altcoins, Price Analysis