Shiba Inu price built on Wednesday’s momentum to rise by 1.2 percent early on Thursday and trade at $0.0000255 at the time of writing. SHIB price rallied by a massive 9.9 percent on Wednesday, sparking a sentiment in the market that it could follow in the footsteps of other meme coins like BOME, WIF, FLOKI and PEPE, which have experienced significant growth at a time when the rest of the crypto market is in a downturn. Overall, Shiba Inu has risen by about 12.7% in the last week.
The crypto market has taken some time to gather momentum post-halving, but there have been flashes of a return to the upside in recent days. The market bellwether, Bitcoin has risen above $66k as of this writing, while Ethereum has crossed into the $3k territory once more. Most analysts believe that Bitcoin needs to stay above $65k and Ethereum above $3200 to build the momentum to trigger a widespread market rally.
Shiba Inu’s rise could, however be for a limited period if SHIB holders rush to take profit. One such strong indicator has already come to the fore, according to analytics firm, Whale Alert. The site reported on Thursday that one whale wallet moved $3 trillion SHIB tokens worth about $74.78 million to Robinhood, signaling a potential trade. However, it is also important to note that Shiba Inu’s upsurge is not entirely down to the wider market recovery. Rather, it is also attributable to the integration of Shibaswap, the DEX ecosystem into Shibarium, the ecosystem’s layer 2 solution.
The integration is a significant milestone as it is expected to bring the ShibaSwap marketplace into the broader SHIB ecosystem. In addition, it will attract developers into the ecosystem which already has a strong community support. Essentially, the integration merges innovation with community support, which is expected to result in a larger, thriving ecosystem powered by SHIB.
On our Shiba Inu coin price prediction, the momentum on SHIB price signals control by the buyers, and the pivot is around 0.0000251. The upside will likely continue if the buyers keep the price above that mark, with the first resistance likely to come at 0.0000260. A break above that mark could build the momentum to push the price further up to 0.0000270. On the other hand, a break below 0.0000251 will signal control by the sellers, with the first support likely to be at 0.0000244. Furthermore, a continuation of control by the sellers at that point will likely break the support, thereby invalidating the upside narrative and potentially building the momentum to head lower to 0.0000237.
This post was last modified on May 16, 2024, 11:36 BST 11:36