SHIB Jumps 2.2%: Shiba Inu Price Prediction for the Coming Days

Harvey Hunter

Last updated:

July 1, 2024, 10:15 EDT | 2 min read

Over the last 24 hours, the Shiba Inu price has surged by a notable 2.2% amid broader market growth, where meme coins averaged a 3.1% increase.

Interestingly, indicators are hinting towards further upside.

This modest increase contrasts with the losses observed in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which have seen retracements.

This performance underscores Shiba Inu’s resilience, particularly compared to its steep 32.21% decline over the past month.

Nevertheless, it still boasts a modest annual gain of 125.06%, placing it in line with the growth of other major cryptocurrencies.

Shiba Inu Price Breaks Below Resistance – Where to next?

After a price surge earlier this morning, it seems that SHIB is gearing up for further upside.

Notably, the Shiba Inu price has plummeted below two support levels since its peak earlier this morning. It is currently attempting to recover one, retesting the $0.00001723 resistance level (orange).

Despite this drop, Shiba Inu displays resilience with an RSI of 40 (purple). Although it errs towards bearish, it is a neutral stance, a step away from its overbought state of 80 eight hours earlier.

This move could represent a correction, putting Shiba Inu on stronger footing for further upside.

The positive trendline (pink) has acted as support over the past 32 hours. If the Shiba Inu price holds above this, it indicates that the uptrend is strong, setting the coin up for more gains.

Wider trends reinforce this outlook, with the 30-day moving average (yellow) trending steeply upwards, converging with the slightly declining 200-day moving average (blue). If the 30-day crosses above the 200-day, it suggests strong short-term momentum, overcoming the wider downtrend.

Therefore, further upside in the coming days is reasonable. However, it’s important to note that Shiba Inu lacks solid fundamentals, leading some investors to explore presales of other assets with greater growth potential.

Low-Cap Meme Coin Offering High Gains Potential

With Shiba Inu already boasting a substantial market cap of $10.15 billion, there is a very real likelihood that its biggest gains are already in the past.

Therefore, traders seeking faster and bigger returns may find a strategic advantage in exploring newer low-cap meme coins set for explosive growth.

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The meme coin market is over-saturated with animal-themed coins boasting little to no real utility. Something which may credit Weiner AI’s (WAI) recent success, raising almost $7 million in one of the most promising presales right now.

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