Meme coins are seeing a surge in interest, especially as new investors enter the bull markets. Investors new to cryptocurrencies focus on assets with high volatility and the potential for quick profits. This trend has been consistent in the past, and meme coins were the most profitable category in the first quarter of 2024.
Shiba Coin (SHIB)
BTC is at $71,800 and ETH price has once again surpassed $3,700. The sentiment in the crypto market is strengthening as we approach the halving event. Shiba Coin’s price has reclaimed an important level, starting to close above $0.000028. Moreover, on-chain indicators also point to the potential continuation of the price increase.
Shiba Coin investors are becoming more optimistic as daily transfers on exchanges have significantly decreased. The number of investors ready to sell is declining, along with the amount of the asset being sent to exchanges. This trend is currently continuing for Shiba.
Furthermore, the transition from short-term to long-term investors is accelerating. This shift from short-term to long-term holders suggests that the supply will likely be retained for a longer period, potentially slowing down sales.
Shiba Coin Price Prediction
Shiba Inu‘s current trading price of $0.00002852 suggests an imminent breakout from a symmetrical triangle. We had previously written that we might see a breakout from this formation soon, and the price is currently increasing for a potential upward breakout. If the expected breakout occurs, the bulls will strive for a double-digit rise.
In an optimistic scenario, a 42% increase is targeted. The technical formation’s goal is $0.00004205. However, if things turn around while we are this close to an upward breakout and a downward trend dominates the cryptocurrency, we could see the $0.00002584 support level being tested again.
If the downturn intensifies, Shiba Coin’s price could potentially fall to $0.00002268. Moreover, this move would put the bullish scenario on hold in the short term. For the bearish scenario to materialize, the BTC price would need to start closing below $68,000 again. This could happen if we see much higher than expected inflation on Wednesday. For now, investors are not anticipating such an event, so entries into ETFs continue.
