Shiba Inu is mostly moving sideways this year and rallied only for a month in March 2024. The other months, the token was either dipping or trading on the razor’s edge delivering little to no profits. It’s been nearly four months since SHIB experienced a price burst and the delay is testing the patience of its investors.
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Now that Shiba Inu is on its back foot, will it recover in price and mirror its March performance in August 2024? In this article, we will highlight how high or low SHIB could trade next month in the charts in August.
Shiba Inu: How High Will SHIB Go in August 2024?
The price prediction for Shiba Inu in August 2024 remains to be bearish with no positive bullish indicators. The forecast estimates that SHIB could shed its value in August leading to losses.
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Leading on-chain metrics and price prediction firm Changelly has painted a bearish picture for Shiba Inu. According to the price prediction, SHIB could fall by nearly 2% to 3% from its current price by the end of August 2024. Therefore, investing in SHIB now could lead to losses that could continue even in September.
It is advised to remain cautious and stay away from Shiba Inu currently as there is a higher chance of a downturn. It is best to invest in other cryptocurrencies that could generate profits in August 2024. Read here to know the top 3 cryptocurrencies that can rally next month and print good returns to investors.
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At press time, SHIB was trading at $0.000016 and is down close to 2% in the 24-hours day trade. SHIB is also down nearly 81% from its all-time high of $0.00008616, which it reached in October 2021. It has been almost three years since the dog-themed token has reclaimed its previous glory.