Shiba Inu (SHIB), is stabilizing below $0.000009 despite mixed signals in the larger cryptocurrency markets. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are cautiously entering consolidation, which could lead to a breakout on either side.
Expectations for SHIB in 2024
Dubbed the “Dogecoin killer,” Shiba Inu quickly caught the attention of many investors, but its future potential continues to be a contentious topic. So, is SHIB a valuable investment, or are there other opportunities for significant gains in 2024?
The popular meme token Shiba Inu commands a large community of members who call themselves the SHIB army. During the previous bull run, many investors saw incredible returns, and SHIB’s price soared to its peak of $0.000086 in 2021. Despite a staggering drop to $0.0000088 from its all-time high, investors remain hopeful that Shiba Inu can regain its former glory.
Is It Time to Buy SHIB?
However, the trend line resistance seen on the four-hour chart continues to limit price movement, and Shiba Inu may have no choice but to retreat to lower levels in search of liquidity. According to the Bollinger Bands technical indicator, Shiba Inu is slowly moving towards a breakout. If the support level at $0.000087 remains steady, it could lead traders to start buying SHIB in anticipation of a price increase above $0.00001.
A successful climb above the trend line resistance could be the strongest confirmation of the expected rise. However, until that time, SHIB can be considered a relatively calm token between the resistance at $0.00001 and support at $0.0000085. The Shiba Inu ecosystem believes it is strong enough to support the next bull run of the meme token frenzy. Nevertheless, with the introduction of more meme tokens in the market, this excitement may not currently be a solid reason to buy SHIB. However, the ecosystem continues to support a burn program that has destroyed up to 410 trillion SHIB tokens to date.