Shiba Inu might be nearing a big change, with a recent recovery and a potential breakout that could 2x its value this August.
As the cryptocurrency market rebounds, Bitcoin and various altcoins are showing bullish signs. Meme coins, including Shiba Inu, have regained attention and are thriving in this uptrend.
Along with SHIB’s technical outlook, the ecosystem is growing with new projects like Shiba Shootout.
SHIB price analysis
The dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a dramatic increase in its burn rate, which surged by 38199412.62%. The Shibburn X account reported that 39,345,498 SHIB were burned in the past 24 hours, reflecting this massive increase.
In the same period, Shiba Inu’s price rose, hitting an intraday peak of $0.00001468 during Sunday’s trading. However, this rise was brief, as profit-taking in the cryptocurrency market led to a price decline.
Currently, SHIB has decreased by 1.34% over the past 24 hours to $0.00001385 and is up 4.61% for the week. This recent price behavior indicates that the link between token burns and price changes may not always be clear.
The price spike that followed the burn rate increase was soon followed by a pullback, suggesting that market participants may be waiting for more consistent momentum before making significant trades.
Although Shiba Inu’s burn rate has surged, it is not the only factor affecting SHIB’s market performance. Broader market conditions, investor sentiment, and overall cryptocurrency trends also play a role in shaping SHIB’s price movement.
For those seeking alternative investments, check out our 2024 guide to the best meme coins to buy.
SHIB price prediction
From a technical analysis perspective, SHIB presents an intriguing scenario that might signal potential bullish trends. Currently, SHIB’s market cap is around $8.2 billion, showing a slight dip. However, the daily correction of about 3.69% suggests a promising outlook.
SHIB holds the 13th spot on CoinMarketCap, slightly behind Avalanche (AVAX) and Tron (TRX). Among meme coins, SHIB maintains a leading position, significantly outpacing Pepe, which does not pose immediate competition.
In terms of market structure, SHIB displays strength. Despite a recent low, the asset has consistently formed higher lows, indicating a macro bullish market structure. The yellow trend line, which has acted as a support level, is crucial to monitor. A close above this line might signal a continuation of the bullish trend.
Additionally, a recent test of a significant trend line ended with a positive close, further supporting the potential for upward movement. Past price actions along this trend line have also shown bullish momentum, making SHIB a strong candidate for gains in the coming weeks.
Attention now shifts to SHIB’s next daily candle close. If it closes above the current level, a bullish breakout might occur, targeting the 0.618 Fibonacci retracement zone. This zone represents an 8.79% potential increase, especially after recent selling pressure.
A reversal at this point would confirm the bullish trend, and testing the 0.5 Fibonacci retracement level would add further support to this outlook.
If SHIB reverses from its current position, the profit potential is significant. A move back to the current bull market high could result in a 3.1x return on investment, making SHIB a promising option for investors seeking substantial gains.
Promising SHIB alternative: Shiba Shootout (SHIBASHOOT)
Shiba Shootout (SHIBASHOOT) is a new P2E meme coin creating excitement. It combines a Wild West theme with skill-based gameplay and raised nearly $1 million in its recent ICO.
Incredible! 🎉
We’re beyond words to express this milestone! 🚀
$SHIBASHOOT has hit $900,000 in funds raised! 💰
A huge thank you to the #Crypto community! 🙌#ShibaShootout wishes you an amazing weekend! 🌟🐶 pic.twitter.com/EWhJNoPqcn
— shibashootout (@shibashootout) August 10, 2024
Investors are watching closely, as experts expect Shiba Shootout to see big gains when it launches on decentralized exchanges (DEX).
Right now, you can buy $SHIBASHOOT for just $0.0198 per token before the price goes up. There’s no minimum investment, and converting USDT, BNB, ETH, or fiat to $SHIBASHOOT is quick and easy.
The game behind Shiba Shootout, called Shiba Sharpshooter, is already available in an early version on Google Play and the Apple App Store. The full version will launch in 2024 with new gameplay updates and $SHIBASHOOT integration.
In Shiba Gulch, a cartoon Wild West town, players use Shiba cowboys to duel. Tokens are needed for in-game purchases, new systems, and the Cactus Staking program, which earns passive income and offers a 1037% annual reward. Early investors benefit from 35% of tokens being set aside for the presale and 30% for staking.
Shiba Shootout builds its community with four key initiatives: Posse Rewards for referrals, Campfire Stories for sharing experiences, Lucky Lasso Lottery for betting and charity, and Token Governance Roundups for voting on project decisions.
Although new meme coins offer high potential, they also come with security risks. However, the Shiba Shootout team has taken steps to address these concerns. For example, Solid Proof audited the $SHIBASHOOT smart contract, and the audit report shows no vulnerabilities or centralization risks.
To learn more or stay updated on the project before buying, follow Shiba Shootout on social media channels like X and Telegram. To take part in the $SHIBASHOOT token presale, visit shibashootout.com.
Related
- Shiba Inu (SHIB) Poised for 5x Rally and Maintaining Market Strength as Shiba Shootout Offers High Potential Returns
- Shiba Inu Bullish Outlook Despite Short-Term Correction as Shiba Shootout Sets New Standards in Crypto Gaming
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