SHIB Price Prediction Flaunts Impending 200% Breakout

By CoinGape

SHIB Price Prediction: SHIB price surged 2.5% in the last 24 hours, potentially as a result of the positive news regarding the SEC dropping investigations into Ethereum. Being ERC20 tokens, Shiba Inu and other meme coins are usually the first to respond to any news affecting their parent blockchain. The price of SHIB traded around $0.00001877 during European business hours on Wednesday, per CoinGecko.

SHIB Price Prediction: 4X Breakout is Likely

Shib PriceShib Price

After hitting a high of $0.00004567 in the March mini pump, SHIB’s price retraced and fell 62% to its current price. Bitcoin volatility and general market uncertainty greatly contributed to this fall. However, the Dogecoin killer has formed a falling wedge pattern, which is usually a bullish market structure.

Furthermore, the price of SHIB is currently at a strong support zone that has existed for the last three months. Even though SHIB price action is trending below the 50-day and 200-day simple moving averages (SMA), the asset remains bullish. 

The current zone of support coincides with the 0.718 Fibonacci retracement level, which offers a supplementary support structure. The relative strength index (RSI 14) is at the 32 level, with much upside room to move.

If the SHIB price breaks out of the falling wedge to the upside, it may surge to $0.000057, a 201% increase from the current price. There would be resistance points around $0.000029, $0.000034, and $0.000038.

Conversely, the asset may find support around $0.000016 and $0.000011.

SHIB Price Future Outlook

Shiba Inu developers have been working overtime to remain relevant in the crypto space, from launching the Shibarium blockchain and its ecosystem of tokens to making partnerships with real-world companies. On June 13, DevourGO, a web3 food ordering company, announced their acceptance of SHIB. 

Shibarium network statistics also indicate a chain that is flourishing, with new smart contracts launched hitting an all-time high in June.

In a more recent development, The SandBox, a popular metaverse gaming company, also announced it now holds Shiba Inu, Dogecoin, and other meme coins. 

Such adoption is what gives Shiba Inu its edge and allows it to remain one of the largest meme coins in the crypto industry. Additionally, the recent closure of the investigation into Ethereum by the SEC has sparked new hope for SHIB investors as it fuels speculation of a possible ETH ETF approval by the end of June or possibly early July.

Bottom Line

Shiba Inu developers have been working behind the scenes to improve the relevance of the project beyond just being a meme coin. As the Ethereum landscape prepares to receive volatility from an approved ETF, SHIB price may rally to new all-time highs.

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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: CoinGape