Shiba Inu Price Prediction as SHIB Drops 22% in 7 Days – Where is the Next Support?
SHIB has gained by 1% in the past 24 hours, with the Shiba Inu price also jumping by 3% in the past hour as the market corrects some of its recent losses.
At $0.00002248, SHIB remains down by 20% in the past week, with the meme token also having dropped by 10% in the last 30 days.
However, the past hour’s rise raises hopes of a recovery, and with Shiba Inu still up by 93% in a year, it continues to hold onto promising medium- and long-term momentum.
And once the recent selloff plays out, it could easily join the market in staging a strong recovery.
Shiba Inu Price Prediction as SHIB Drops 22% in 7 Days – Where is the Next Support?
SHIB’s move over the past hour has improved the complexion of its price chart, with its indicators beginning to show signs that the recent downturn is ending.
For instance, its relative strength index (purple) has bounced from 40 earlier this morning to 60 today, and its rise is so steep that it looks like it could hit 70, if not higher.
Meanwhile, SHIB’s 30-day average (orange) has turned ever so slightly upwards, and given that it has been well underneath the 200-day (blue) for several days now, it’s certainly looking like it should rise once again.
It will, therefore, be interesting to see if SHIB can break through its resistance level (red), with the $0.00002365 mark also being an important resistance.
It’s also interesting to note that the coin’s resistance and support (green) levels have formed a pennant, implying that the coin is due to make a big move very soon.
Of course, the jump of the last hour could certainly be just this very move.
🚨 692,400,000,000 #SHIB (19,260,837 USD) transferred from #CryptoCom to unknown wallethttps://t.co/EanzRBG2jj
— Whale Alert (@whale_alert) April 8, 2024
In terms of things that could extend or curtail the current rally, the market is looking forward to the next Bitcoin halving, which will take place on Saturday.
It seems clear that the halving has led to some miners selling their stores of BTC, given that they will face financial pressures as a result of their income receiving a 50% cut.
However, it’s possible that the initial shock of this will give way to the more positive narrative that tends to accompany the Bitcoin halving.
This means more bullishness across the board, with the Shiba Inu price likely to benefit as much as many other alts.
It could reach $0.000040 by the summer, before reaching Q4 2024 at around $0.00010.
Newer Meme Tokens Could Be More Profitable
It’s worth noting that since SHIB has become so well-established in recent months and years, it may not experience the kind of wild rallies that characterized its early years.
For this reason, traders may be better off devoting some of their portfolios to newer meme tokens, which can often rally disproportionately.
And one of the most promising new meme coins right now is Slothana (SLOTH), a Solana-based coin that has raised more than $10 million in its presale.
🚀 Hold onto your branches, Slothana faithful! 🌿 We're gearing up to drop some major news: the official launch date is on the horizon! ⏰ Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…
— Slothana (@SlothanaCoin) April 14, 2024
Interestingly, there’s speculation that Slothana is associated with the same team that launched the successful Smog (SMOG) token, which rallied strongly when it was listed earlier in the year.
SLOTHANA could, therefore, do something very similar, with its presale total suggesting that it already has plenty of support.
In fact, it already boasts a healthy and growing community, with its official X account now claiming over 20,000 followers.
The market is, therefore, increasingly expecting SLOTHANA to do good things once it lists, and with Solana-based meme tokens proving very big over the past six months, it’s certainly launching at the right time.
It also helps that it has chosen a fairly distinctive meme in the humble sloth, which provides a playful representation of the desire of many retail traders to escape the typical 9-5.
Its presale will end in 11 days, although newcomers can still join by heading over to the Slothana website.
They can buy SLOTH at a rate of 1 SOL for 10,000 SLOTH, which works out at around $0.019393 per coin.
Tokens will then be airdropped to investors once the sale ends, at which point Slothana will list on trading platforms and potentially moon.
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.
