Over the course of 2024 thus far, the Shiba Inu coin has been one of the more dominant meme coins on the cryptocurrency market. Following the approval of Spot Bitcoin ETFs and key updates to Shibarium, SHIB went on a tear on the markets, only just recently slowing down its surge and returning to earth.
Despite a slight dip in the last 24 hours, Shiba Inu remains up 4% in the last seven days and up nearly 12% since the start of May. Its market cap has also climbed in the past month, currently sitting at nearly $15 billion. With hype reaching near-all-time highs around the dog-themed currency, price predictions are bullish for SHIB.
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What Are Analysts Seeing In Shiba Inu’s Current Charts?
Analysts are pointing out a positive triangle on the recent SHIB charts, indicating a continued rise in price. SHIB price is currently in an ascending triangle and almost at the end. Typically, ascending triangles show investors’ interest and accumulation. Shiba Inu may break out on the upside if the market structure holds and rallies as high as 32% to around $0.000036.
At press time, Shiba Inu is trading at $0.00002539. The coin is well above average on the simple moving average (SMA) chart, indicating bullish signals. Despite this price hype, trading volume is down as much as 40% in the last 24 hours. Cohesive climbs in trading volume and price are typically the best indicator for an upcoming bull run, but, despite the trading volume drop, investors are largely still bullish on the SHIB cryptocurrency.
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Coinbase Futures recently announced support for SHIB perpetual futures, with trading beginning on May 30, 2024. Furthermore, Shibarium expects more updates in the coming weeks, including a potential airdrop, which will bring up the hype. Therefore, the Shiba Inu coin reaching as high as $0.0001 in the near future is certainly possible.
