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Highlights
- MarketVector, a subsidiary of VanEck has launched MEMECOIN index with SHIB in it.
- SHIB price continues an upward trajectory despite a decrease in daily trading volume.
- Coinbase Futures announces support for SHIB perpetual futures on May 30, 2024.
SHIB price prediction: Shiba Inu Coin has recently been on the investor’s radar as the dog-themed meme coin began to make hype once more. In the March post-Bitcoin ETF rally, SHIB price gained a whopping 390%. Data from CoinGecko shows Shiba Inu price traded around $0.00002573 during European hours, a 3.6% decrease in the last 24 hours and a 6.6% increase in 7 days.
SHIB Price Prediction: Bulls Target 32% Gains in a Major Chart Pattern Breakout
SHIB price is currently in an ascending triangle and almost at the end. Ascending triangles show investors’ interest and accumulation as the highs remain relatively flat with lows rising higher. If the market structure holds, Shiba Inu may break out on the upside and rally 32% to around $0.000036.
The second-largest meme coin’s action is currently trending well above the 50-day and 200-day simple moving average (SMA), which is a bullish signal. However, despite the gradual price increase, SHIB’s 24-hour trading volume is down 40%, according to data from Coingecko.
Nevertheless, investors remain confident in Shiba Inu, as Coingecko stats show 74% of users are bullish against 26% who are bearish.
On its way up, the SHIB price may encounter several key resistance points around $0.000029, $0.000026, and $0.000041. Conversely, a heavy support structure has formed around the current price level ($0.000025) that may hold up the price.
SHIB Price Future Outlook
Shiba Inu’s price fundamentals are strong as the meme coin rides in favor of its huge community. Coinbase Futures recently announced support for SHIB perpetual futures, with trading beginning on May 30, 2024.
Despite the meme origins of the cryptocurrency, Shiba Inu has established itself as a resilient crypto project in the face of market volatility.
Several renowned crypto analysts have also called for imminent SHIB price breakouts in the near future. Ali Martinez suggested a 20% upswing in price if the SHIB price breaks above $0.000025.
Nexo, a leading centralized crypto exchange, announced SHIB as their new listing, citing its evolution from a joke meme coin to a formidable DeFi giant. Another subsidiary of VanEck, the billion-dollar U.S. asset management firm, has launched a new MEMECOIN index that features some top crypto meme tokens, including SHIB.
Such developments surrounding Shiba Inu point to the rising interest in SHIB among investors.
Bottom Line
Meme tokens have matured from just fun and games, into utility-based projects. Shiba Inu is the best example of how memes and technology can mesh together to create formidable financial products. Investors continue to monitor SHIB’s price closely, awaiting a good entry opportunity before the breakout.
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