Shiba Inu Price Prediction as SHIB Bounces 6% From Recent Bottom – Bigger Drop Coming?
SHIB has posted a 1.5% gain in the past 24 hours, with the Shiba Inu price’s jump to $0.00002531 also marking a 6% bounce from the seven-day bottom it hit earlier this morning.
Despite this bounce, SHIB remains down by 22% in the past week and by 30% in a fortnight, although these losses haven’t done enough to erase the 158% gain it has made in the last 30 days.
Given the market’s recent corrections, it is possible that SHIB could witness further losses in the next few days, yet its longer-term picture remains positive.
Indeed, the market is likely to return to bullish growth in the coming weeks, while Shiba Inu continues to be one of the strongest meme tokens in the ecosystem in terms of fundamentals.
Shiba Inu Price Prediction as SHIB Bounces 6% From Recent Bottom – Bigger Drop Coming?
SHIB’s chart makes it seem as though the popular meme coin is in line for a rebound soon, yet its past history would also suggest that one or two more dips are possible before we see a return.
On the one hand, its relative strength index (purple) has risen to 50 in the past few days, suggesting that the coin may continue to recover.
However, the RSI’s behavior over the past few weeks has seen it seesaw several times below 50 before making a significant comeback.
This is happening in the context of a 30-day moving average (yellow) that has also been declining steadily this week, having fallen below the 200-day (blue) at the end of last week.
In other words, SHIB – like the wider market – remains in the middle of a corrective phase, one which may continue for at least several more days, if not longer.
The coin may fall again in the very near future, yet its support level (green) – which has flattened out recently – would suggest that it won’t fall much further below its current price.
It’s also encouraging that its trading volume remains relatively high at $1.9 billion, indicating sustained interest in the coin.
What’s also hopeful, looking at the bigger picture, is that the market is likely to pick up again as Bitcoin continues its march to its next halving, and as ETF volumes continue to rise.
And Shiba Inu is in a better position to benefit from a rising ride than many other coins, with the crypto being one of the few meme tokens to boast actual fundamentals.
It features its own DEX (ShibaSwap) and its own layer-two (Shibarium), with both enjoying modest usage.
The Shiba Inu price could therefore reach $0.00003 in the next few weeks.
Newer Meme Tokens Promise Newer Rallies
Because SHIB remains in an indeterminate position, many traders may prefer to invest in newer meme coins at the moment, particularly those that look ready to rally as they list on new exchanges.
Near the top of the list of any such coins is Dogecoin20 (DOGE20), an ERC-20 token that adds stronger fundamentals to the basic template of meme cryptos such as DOGE.
It opened its presale last week, and has already raised just over $3.6 million, a sign of strong market interest.
Once again, #DOGE20 is exceeding all expectations! 🚀💰
Raising over $3,000,000! 💵
Wow! 😲
Who’s thinking of $4M tomorrow? 📈 pic.twitter.com/V0fHpsbpbZ
— Dogecoin20 (@DOGE_COIN20) March 19, 2024
There are a few core reasons as to why DOGE20 offers an improvement over peers such as the original Dogecoin.
For one, it uses the Ethereum blockchain, which makes it more environmentally friendly than Dogecoin, a proof-of-work cryptocurrency.
On top of this, DOGE20 offers staking, with the coin prioritizing bigger rewards for holders who stake earlier and stake for the longer term.
This system starts to seem particularly bullish in the context of DOGE20’s deflationary tokenomics, which features a hard-capped supply of 140 billion tokens.
As such, DOGE20 has the potential to rise steadily in price over time, as more holders stake more of their holdings.
It’s also notable that Dogecoin20 will be supporting charitable causes and community projects, with a portion of its treasury – which is 25% of its total supply – being transferred regularly to meaningful uses.
This will help Dogecoin20 to grow a sizeable and healthy community of followers, which in turn will only reinforce its price.
To join its presale, investors need only go to the official Dogecoin20 website.
They can buy DOGE20 at $0.000202 per token, a price that may end up seeming very cheap by the time the coin lists on exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
