Shiba Inu Price Set for Surge? SHIB Eyes $0.000085 as It Enters Buy Zone
SHIB has fallen by 1% in the past 24 hours, with the Shiba Inu price slipping to $0.00001725 as the crypto market gains by close to 0.5% today.
The meme token is now down by 8% in a week and by 33% in the past month, although it holds onto a 125% increase in the last 12 months.
Its losses put it in a strongly oversold position, meaning that technical analysis dictates that it should rebound very soon.
And with the wider market looking like it could be ready for a recovery, the Shiba Inu price could see a strong end to the year.
Shiba Inu Price Set for Surge? SHIB Eyes $0.000085 as It Enters Buy Zone
What’s encouraging about SHIB’s chart is that it suggests the token is about to rebound, with its indicators beginning to come up from oversold levels.
This is particularly evident with its relative strength index (purple), which is rising to 50 today after touching 30 early this morning.
SHIB’s 30-day average (orange) has been below the 200-day (blue) for a couple of weeks now, another sign of heavy overselling.
One interesting feature of SHIB’s chart is that its volume is still pretty low, at $200 million today compared to $2 billion almost a month ago.
While this is indicative of a lack of decline, the lower volume also makes SHIB more susceptible to big price rises, especially if a big order comes in from a whale.
$SHIB is on buy zone at weekly chart. Bulls should defend this zone for uptrend. pic.twitter.com/yrYtZTPud6
— $SHIB KNIGHT (@army_shiba) June 26, 2024
As such, the combination of under-appreciation and low volume could result in a recovery for SHIB very soon, particularly if the launch of Ethereum ETFs boosts the wider market.
Reports suggest that these ETFs could launch as soon as July 4, with the influx in demand and volume pushing up not only Ethereum’s price, but alts in general.
Given that Shiba Inu operates on Ethereum, it could be especially exposed to positive demand.
Looking further ahead, the arrival of Ethereum ETFs could also feed into the rate cuts that may arrive by September, with central banks in the US, the UK and elsewhere planning cuts.
This will boost bullishness and demand amongst traders, with meme coins such as Shiba Inu likely to benefit.
SHIB will also receive support from its own fundamentals, with the coin awaiting the launch of its own layer-three network, and also its own metaverse platform.
This will help the Shiba Inu price climb over the longer term, potentially reaching $0.00004 by the end of the year.
New Multi-Chain Shiba Inu Meme Token
Any traders frustrated by SHIB’s lack of recent progress may consider looking at newer alternative, including popular presale coins that could surge once they list.
One highly promising presale coin at the moment is Base Dawgz (DAWGZ), a multi-chain cryptocurrency that has already raised over $2.1 million in its sale.
🪂 2.1 MILLION 🐕
LFG $DAWGZ! pic.twitter.com/6VaaCciU9E
— Base Dawgz (@BaseDawgz) June 25, 2024
As a multi-chain meme token, DAWGZ will operate on Ethereum, Base, Solana, Avalanche and BNB Chain.
Its existence on multiple chains will give it a much wider user and investor base, far outstripping what it would have managed as a single-chain token.
Part of the reason for the coin’s early success in raising so much money is that it features a unique riff on the ever-present Shiba Inu meme.
Its mascot is a base-jumping, thrill-seeking Shiba Inu dog, who fits in perfectly with the seat-of-your-pants culture of the cryptocurrency market.
It also helps that DAWGZ has strong tokenomics, coming with a capped supply of 6.453 billion DAWGZ.
20% of this supply will go to the sale, with another 20% going to staking, earning holders a passive income.
Base Dawgz plans to raise a minimum of $8 million in its sale, at which point it will list.
Latecomers can join the sale now by visiting the official Base Dawgz website, where 1 DAWGZ currently costs $0.005534.
Given its successful raise and growing follower numbers, this price is likely to rise much higher when it goes 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.
