With Bitcoin hitting its newest low of $54K, the altcoin market is currently encountering stark mayhem. Several leading altcoins are bleeding red, basking in the current bearish onslaught sweeping over the cryptocurrency realm. While some analysts have called this opportunity a unique predicament to stock up on altcoins, others have lost their significant crypto holdings, mourning their loss. In this wake, Shiba Inu is also giving ambiguous price hints. The token’s economic development and current price momentum are both giving mixed signals.
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Shiba Inu: What’s the Current Trajectory of SHIB?
Shiba Inu, one of the most popular meme coins existing in the currency space, has dramatically plummeted in the last 24 hours. The token has lost nearly 14% of its value in the last 24 hours and is currently trading at $0.00001342. Per CoinCodex, the token is currently trading in the bearish realm, with anticipation of SHIB plummeting to hit new lows and gaining stronger support.
As Bitcoin hit a new low of $54K, several altcoins, including SHIB, have been gravely impacted. The token is currently giving mixed signals, considering the anatomical shifts that SHIB has been encountering as of late.
The Shiba Inu ecosystem, although it has lost its current footing, is expected to claim a new high very soon. The token is currently busy working on numerous fresh endeavors, including launching new updates in its Shibarium network. The token is also working on launching the blockchain version of the Shiba Eternity Game, which could be a game-changer for the token and its price metrics.
Will SHIB Delete Or Add A Zero?
CoinCodex, a prominent crypto analytics portal, has predicted a new price path for SHIB. Per CC, Shiba Inu may lose a considerable portion of its valuation by the end of July 2024.
“The price of Shiba Inu may drop by -4.55% and reach $0.00001408 by August 4, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 29 (fear). Shiba Inu recorded 11/30 (37%) green days with 14.74% price volatility over the last 30 days.”
At present, the fear and greed index for SHIB is portraying the sentiment of fear, with bearish signs spreading mayhem across the board. However, by the end of 2024, the strong anatomical developments that the SHIB ecosystem is encountering are poised to play a notable role in stabilizing SHIB prices.
“Shiba Inu may trade range of $0.00001243 and $0.00003214. If it reaches the upper price target, SHIB could increase by 140.79% and reach $0.00003214.”
Buy Calls Intensify For SHIB As Market Dips and Mellows
As per the data uploaded by Santiment, huge buy calls are being echoed on all leading social platforms. The development is indicative of the buyer’s dominion, where the majority of the investors are looking forward to buying the “dip.”
However, the portal further outlined the grave balance of negative vs. positive comments that the market is currently experiencing. While for some bold investors, the current market dip may prove to be instrumental, others are currently busy mourning the loss of their crypto holdings.
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The calls to hold the Shiba Inu token have also been gaining momentum. According to Lucie. Shiba Inu’s marketing lead, patience is the only element that may help investors sail through such distressing and stark times.