Coin Realm reports:
As Bitcoin plummets to a new low of $54,000, the altcoin market is currently facing severe turmoil. Several leading altcoins are incurring losses, bathed in the bear market onslaught that is sweeping the cryptocurrency domain. While some analysts deem this a unique opportunity to stockpile altcoins, others have lost a substantial amount of cryptocurrency, mourning their losses. Subsequently, Shiba Inu has also given ambiguous price hints. The token’s economic development and current price momentum are sending mixed signals.
What is the current trajectory of Shiba Inu: SHIB?
Shiba Inu, one of the most popular meme coins in the currency domain, has seen a significant drop in the past 24 hours. The token depreciated nearly 14% in the last 24 hours, currently trading at $0.00001342. According to CoinCodex data, the token is in a bearish zone, with SHIB expected to plummet to new lows and gain stronger support.
With Bitcoin’s fall to the new low of $54,000, several altcoins, including SHIB, have been severely affected. Considering SHIB’s recent anatomical changes, the signals emitted by the token are currently mixed.
Despite the Shiba Inu ecosystem having lost its current foothold, it is expected to reach new highs soon. The token is currently busy with several new endeavors, including launching new updates on its Shibarium network. The token is also committed to launching a blockchain version of the Shiba Inu Eternity game, which could alter the token and its price indicators.
Will SHIB delete or add zeros?
The renowned cryptocurrency analysis portal CoinCodex has forecasted SHIB’s new price trend. According to CC data, by the end of July 2024, Shiba Inu’s valuation might shrink considerably.
“By August 4, 2024, the price of Shiba Inu could fall by -4.55%, reaching $0.00001408. According to our technical indicators, the current sentiment is bearish, and the fear and greed index is at 29 (fear). Shiba Inu has recorded 11/30 (37%) green days in the past 30 days, with a price volatility of 14.74%.
Currently, SHIB’s fear and greed index paints a picture of fear, with bearish signs spreading throughout. However, by the end of 2024, the robust structural developments that the SHIB ecosystem is undergoing will play a significant role in stabilizing SHIB’s price.
“The trading range for Shiba Inu could be from $0.00001243 to $0.00003214. If it reaches the upper price target, SHIB could rise by 140.79%, reaching $0.00003214.”
As the market fluctuates, calls to buy SHIB are growing stronger
According to data uploaded by Santiment, there is a surge of buy calls across major social platforms. This development indicates that buyers are dominating, with most investors looking forward to “buying the dip.”
However, the portal further outlines the severe balance of negative and positive commentary the market is currently experiencing. While the current market downturn may prove pivotal for some bold investors, others are currently busy mourning the loss of their cryptocurrency holdings.
Calls to hold Shiba Inu tokens are also on the rise. According to Lucie, the marketing director of Shiba Inu, patience is the only factor that can help investors through such tough times.
