Shiba Inu Coin price prediction: SHIB delicately balances below $0.000009 amid mixed signals in the larger crypto market. Majors like Bitcoin (BTC) and Ethereum (ETH) are cautiously consolidating, implying that a breakout to either side is possible if buyers and sellers resolve the stalemate.
The self-proclaimed “Dogecoin killer,” Shiba Inu, has captured the attention of many investors, but its future potential remains a hot topic. The big question: is it a worthwhile investment, or are there other opportunities for big gains in 2024?
Shiba Inu Coin Price Prediction: What’s Holding SHIB Rally Back
As the second-largest meme coin, Shiba Inu commands a big community of members who refer to themselves as the SHIB Army. During the previous bull run, many early investors saw incredible returns, with SHIB price rising to a 2021 peak of $0.000086.
Despite the shattering drop from the all-time high to $0.0000088, investors are hopeful that Shiba Inu can regain its glory as the star meme coin.
However, trendline resistance as shown in the four-hour chart continues to limit price movement, leaving Shiba Inu with no choice but to drop to lower levels in search of liquidity.
Read also: Cryptocurrency: Monero (XMR) Bleeding, Dymension (DYM) Poised To Rally After Binance Listing
Shiba Inu price prediction chart | Tradingview
Based on the Bollinger bands technical indicator, Shiba Inu is gradually moving towards a breakout. If support at $0.000087 holds steady, it could compel traders to start buying SHIB speculating a price increase past $0.00001.
A successful climb above the trend line resistance (the black line on the chart) would be the most robust confirmation of the anticipated rally. However, until then, consider SHIB a relatively calm token between resistance at $0.00001 and support at $0.0000085.
Factors That Could Drive Shiba Inu Price Run In 2024
The Shiba Inu ecosystem believes the meme coin frenzy is strong enough to bolster the next bull run. However, with more meme coins launching in the market, the hype may not be a solid reason to buy SHIB at the moment.
However, the ecosystem continues to support the token burn program, which has so far set ablaze 410 trillion SHIB tokens. With the launch of Shibarium, an Ethereum layer 2 solutions provider dedicated to the Shiba Inu ecosystem, the burn rate is expected to increase.
Shiba Inu is experiencing delays in the implementation of the token burn mechanism on Shibarium. However, once the process begins, more tokens will be purged from the circulating supply which will possibly create a suitable environment for a price rally.
Shiba Inu Supply | shibburn.com
The upcoming Bitcoin halving is another factor likely to impact the Shiba Inu price rally. Although not directly linked to SHIB, halving has a history of blasting Bitcoin price to new peak records, and generally triggering a bull run among altcoins.
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