Shiba Inu Price Prediction: A Rally Around the Corner?
Key Takeaways
- The Shiba Inu is trading at around $0.000008480.
- The market cap touched $4.99 billion, and the 24-hour trading volume increased by over 12%.
- The Fear & Greed Index reading of 22 reflects the extreme caution gripping the market.
- A rally is likely if the whale accumulation continues.
- In the short term, the price is largely driven by community sentiments and speculation.
- The long-term prospects of the SHIB ecosystem depend on upgrades within the ecosystem, institutional adoption, and the prevailing macro environment.
Shiba Inu Current Market Scenario: How is SHIB Faring Now?
The Shiba Inu is trading at around $0.000008480; the price ticked up slightly in the past 24 hours. The SHIB has a market cap of $4.99 billion, and the 24-hour trading volume increased by over 12% to touch $113.13 million. The Fear & Greed Index reading 22 (Extreme Fear) underscores the extreme caution gripping the market. Besides, the volatility remains high with a value of 7.27%.
- Fear & Greed Index: 22 (Extreme Fear)
- Market Sentiment: Bearish
- Supply Inflation: 0.00% (Low)
- Dominance: 0.00% (Low)
- Volatility: 7.27%.
Shiba Inu Price Prediction Today, Tomorrow, & This Week
The price of Shiba Inu is projected to stay within a range of $0.000008576 to $0.00000905 for today. A strong rally is likely if the whale accumulation continues, but deeper corrections can not be ruled out, especially if the Fed decision disappoints. As for the upcoming weeks, the price of SHIB is forecasted to remain between $0.00000853 and $0.00000924.
| Date | Day of week | Daily Low | Daily High | Average |
|---|---|---|---|---|
| 10/12 | Wednesday | $0.05905 | $0.05942 | $0.05924 |
| 11/12 | Thursday | $0.05894 | $0.05916 | $0.05905 |
| 12/12 | Friday | $0.05853 | $0.05892 | $0.05873 |
| 13/12 | Saturday | $0.05865 | $0.05877 | $0.05871 |
| 14/12 | Sunday | $0.05857 | $0.05872 | $0.05865 |
| 15/12 | Monday | $0.05867 | $0.05875 | $0.05871 |
| 16/12 | Tuesday | $0.05875 | $0.0588 | $0.05878 |
Market Outlook: Technical Indicators, Institutional Activity & Macro Trends
The price of Shiba Inu largely depends on the community sentiments. Nevertheless, technical indicators, whale activities, upgrades within the ecosystem, institutional interest, and macroeconomic factors remain relevant as well. The following section covers each of these factors in detail.
Technical Indicators Show A Mild Bullish Momentum
The SHIB is trading below the 10-day Simple Moving Average and Exponential Moving Average. However, the SHIB has recovered the 20-day Simple Moving Average, and the MACD is showing a bullish crossover. The 14-day Relative Strength Index (RSI) value of 46 indicates a neutral stance.
If the SHIB successfully holds the current level, the next crucial level is 0.00000876. A break above that level could lead to SHIB retesting 0.00000983 soon. Even so, considering the volatile nature of the crypto market, deeper corrections can not be ruled out, especially post the Fed meeting.
The Whale Accumulation, Upcoming Shibarium Upgrade, and ETF
The whales are reportedly accumulating SHIB prior to the upcoming Fed decision. According to the Market Intelligence Platform Santiment’s X post, SHIB is showing the highest whale activity since June. The large-scale movements of whales are likely to create a short-term bullish impact.
As for the long term, a key driver of the price could be the upcoming Shibarium upgrade. The upgrade is said to bring advanced privacy technology to the ecosystem. Such developments enhance the possibilities for Exchange Traded Funds (ETFs) launches focused on SHIB. The ETFs are likely to attract more institutional and retail investors to the SHIB ecosystem.
Macroeconomic Factors: The Econo-Political Trends
Along with ecosystem development, the macro environment is crucial in deciding the price movements. An easy monetary policy and regulatory developments that bring more clarity to the crypto landscape are likely to add renewed momentum to the overall crypto market. On the contrary, any macro headwinds, such as geopolitical tensions, would force investors to move away from riskier investments.
The Bottom Line: What’s Ahead for Shiba Inu?
For a memecoin such as Shiba Inu, the price is largely shaped by community sentiments and speculation. Even so, the effects of whale activities, technological upgrades, institutional interest, and macroeconomic factors can not be dismissed. Whether to invest in Shibu Inu depends on individual financial goals. Nonetheless, the investors should be open to price swings and elevated volatility as they are the norm in the crypto market.
Disclaimer: These crypto price forecasts are based on predictive modeling and should not be considered financial advice.
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Crypto & Blockchain Expert