CoinWorld reported:
It is well known that the meme cryptocurrency Shiba Inu has experienced roller coaster-like price fluctuations. Recently, the price has surged significantly, and we will provide detailed information below.
Also read: Shiba Inu: How High Can SHIB Reach by 2024?
SHIB market dynamics and potential trajectory analysis
Image source: WatcherGuru
As of July 7, 2024, the price of SHIB has risen by 16% in the past 24 hours, reaching $0.00001719.
As expected, the recent price increase has attracted the attention of investors, and it may also catch your attention.
Key factors driving SHIB price:
Whale activity surges by 176%, with a total of 41.8 trillion SHIB (62.57 million USD) transferred in large SHIB transactions.
Also read: Can Burning 4.1 Quadrillion Shiba Inu Tokens Create a New All-Time High?
It is well known that only technical analysis can provide us with useful conclusions. Professional investor Charles Kibue pointed out:
“The price of Shiba Inu has rebounded from below the downtrend line of the descending wedge pattern… This indicates that the bulls have gained control and are ready to push the price higher.”
Bullish indicators:
Breakout of the descending wedge potential golden cross at $0.00000831
RSI rebounds from oversold levels
Short-term price prediction:
Potential range: $0.000015 to $0.000019
Bullish target: Previous high point of $0.00004197
Possible retracement level: $0.00001486
These predictions seem optimistic, don’t they? Investors are also reminded to be aware of the volatility of this market. Kibue warned, “Do not invest unless you are prepared to lose all of your investment. This is a high-risk investment, and you should not expect protection if something goes wrong.”
Also read: Shiba Inu: When Can SHIB Delete the Next Zero?
The following are the most important factors influencing future price trends:
The evolving Shiba Inu ecosystem
Emerging projects in the cryptocurrency market, such as Shiba Shootout (SHIBASHOOT)
Indicators show that Shiba Inu may have an upward trend, but the situation can easily change. Investors should always approach predictions with caution.