Shiba coin’s future continues to spark optimism for a rise in value. However, if SHIB keeps its investors waiting, the likelihood of facing a disgruntled crowd seems quite high. The crypto community, expecting a repeat of its stellar 2021 performance, has not seen a fruitful process so far. So, what can be expected going forward?
Shiba Coin Analysis Based on Graphical Data
Can investors expect a price surge for SHIB in the near future? Despite the continuous growth of some coins, SHIB has proven to be an exception, as indicated by CoinStats.
In the past 24 hours, SHIB’s price has witnessed a modest decrease of 0.55%. However, a more optimistic picture emerges when examining the hourly chart, showing an upward trend. If the daily bar closes near or above the $0.00001039 level, the crypto currency has potential to rise to the $0.00001050 area the following day.
A Closer Look: Short and Medium-Term Analysis
When looking at a broader time frame, the overall situation for SHIB appears less bullish. The crypto currency has not yet gathered enough strength for sustained growth. This suggests that horizontal trading in the range of $0.000010 to $0.00001050 is a more likely scenario until the weekend.
From a medium-term perspective, attention is turning to the weekly bar closure. If it hovers around $0.000011, investors may witness a resistance break, potentially leading to an increase to the $0.000012 – $0.000013 region.
Current Status: SHIB’s Value Today
At the time of writing this article, SHIB is trading at $0.00001036. Monitoring fundamental levels and patterns across different time frames can provide valuable information for investors navigating current market conditions.
For now, it’s important to note that levels above $0.00001 are extremely crucial for SHIB. The crypto currency needs to establish this level as a significant support point. Dropping below this level could disappoint investors, especially since the currency has not recovered much. Let’s see what performance the meme coin SHIB will show towards the end of the year and in 2024. Will it please its investors or remain in a holding pattern like in 2023?
