According to CoinBureau:
As Bitcoin plummeted to a new low of $5400, the altcoin market is currently experiencing severe turmoil. Several leading altcoins are bleeding, bathed in the bearish impact currently sweeping the cryptocurrency field. While some analysts see this as a unique dilemma to accumulate altcoins, others have lost significant amounts of cryptocurrency and are lamenting their losses. Following this, Shiba Inu also gave ambiguous price hints. The token’s economic development and current price trends both give mixed signals.
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Shiba Inu: What Is SHIB’s Current Trajectory?
Source: DailyHodl
Shiba Inu, one of the most popular meme coins in the currency realm, has plummeted sharply in the past 24 hours. The token has depreciated nearly 14% in the past 24 hours and is currently trading at $0.00001342. According to CoinCodex, the token is currently in a bearish state, and SHIB is expected to plunge to a new low and gain stronger support.
As Bitcoin dipped to a new low of $5400, several alternative coins, including SHIB, were severely impacted. Considering the anatomical changes SHIB has recently encountered, the token is currently giving mixed signals.
Although the Shiba Inu ecosystem has lost its current foothold, it is expected to reach new highs soon. The token is currently busy with many new projects, including launching new updates on its Shibarium network. The token is also working on launching the blockchain version of the Shiba Eternity Game, which could be a game-changer for the token and its price indicators.
Will SHIB Delete or Add Zeros?
The well-known cryptocurrency analysis portal CoinCodex has predicted a new price path for SHIB. According to CC, by the end of July 2024, Shiba Inu might lose a significant portion of its valuation.
“By August 4, 2024, Shiba Inu’s price might drop -4.55% to $0.00001408. According to our technical indicators, the current sentiment is bearish, and the fear and greed index shows 29 (fear). Shiba Inu recorded 11/30 (37%) green trading days, with a price volatility of 14.74% over the past 30 days.”
Currently, SHIB’s fear and greed index is depicting a sentiment of fear, and bearish signs are spreading chaos comprehensively. However, by the end of 2024, the significant anatomical developments facing the SHIB ecosystem will play a crucial role in stabilizing SHIB’s price.
“Shiba Inu’s trading price might range between $0.00001243 and $0.00003214. If it reaches the upper limit of the price target, SHIB might increase by 140.79% to $0.00003214.”
As the market ebbs and flows, calls to buy SHIB are increasing
According to data uploaded by Santiment, all leading social platforms are echoing with huge calls to buy. This development signifies buyer dominance, with most investors looking forward to buying the “dip.”
However, the portal further outlined the severe balance of negative and positive comments currently experienced by the market. While the current market dip might serve a purpose for some bold investors, others are currently busy lamenting the losses of their held cryptocurrencies.
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Calls to hold Shiba Inu tokens are also increasing. According to Lucy, Shiba Inu’s marketing lead, patience is the only factor that can help investors weather such painful and severe times
