Shiba Inu Price Prediction: SHIB Plunges 11% Amid Cryptocurrency Market Dip As Traders Shift To This Cat-Themed Meme Coin For 100X Gains
Release: 2024/12/11 00:38 Reading: 418
The Shiba Inu price has dropped 11% in the last 24 hours to trade at $0.00002694, with trading volume increasing 108% to $3.132 billion.
This decline is part of a wider downtrend since the start of the week, leading to speculation that SHIB could lose its position as the second-largest meme coin by market capitalization to Pepe, which recently experienced a 27% weekly surge. However, with PEPE facing growth challenges, Shiba Inu seems secure for now.
Shiba Inu Price Prediction
Like many cryptocurrencies, Shiba Inu's price began a moderate decline this week, tracking Bitcoin's movements. However, the downtrend accelerated on Monday, as the bearish momentum intensified.
The project's Bollinger bands expanded sharply as the price dipped below the lower band. Despite a brief recovery, the price continued to fall, landing at the support level of $0.000026. Since then, a modest recovery has been underway, but resistance at $0.000027 has limited upward movement.
The Bollinger bands have tightened again, indicating uncertainty among traders and possibly signaling an end to the recovery phase.
The Relative Strength Index (RSI)
The RSI for Shiba Inu has risen from the oversold zone into the neutral area. However, its progress has stalled around the value of 60, indicating potential hesitation among traders. This suggests they may believe SHIB's growth has reached a plateau and are taking profits.
As a result, the recovery may be cut short before the RSI reaches 70, which typically signals the start of an overbought zone and potential trend reversal.
However, the band tightening suggests uncertainty, so the sell-off may not be severe. The RSI could drop to 50 before stabilizing or rebounding. With Bitcoin trading sideways, SHIB may follow suit until the broader market trend becomes clearer.
Promising Alternative to Shiba Inu
Despite the current market weakness, traders seeking new opportunities may consider alternatives like Catslap (SLAP). This project recently launched and gained traction with its "slapping mini-game" featuring celebrities and characters like Chris Rock and Pepe The Frog.
Initially a recreational outlet, the game attracted over 10 million slaps within days. After introducing rewards through its "Slap-to-Earn" model, the game's popularity exploded, reaching over half a billion slaps in just over a week.
This surge positively impacted the project's token holders and participants. The token price experienced a surge, despite a recent 11% decline due to the bearish wave. It remains 12% up on a weekly basis, reaching an all-time high of $0.010 last week.
The project's use of a countdown timer for major announcements has also intrigued investors. Following the announcement of a MEXC listing, the price skyrocketed. Speculation is growing that a Binance or Coinbase listing may be imminent.
ClayBro, a crypto YouTuber with over 133k subscribers, recently predicted in a video that Catslap could become a major meme coin with potential for 100x growth.
If you believe in the project's potential, consider investing while the price remains affordable.
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