Shiba Inu’s price has stagnated for a long time, causing many investors who bought at highs to potentially sell at a loss from boredom.
The second-largest meme coin, Shiba Inu, was affected by a $230 million hack on India’s WazirX, with over $100 million of the stolen assets in $SHIB tokens.
The WazirX team addressed their community twice following the hack, stating it was a force majeure event beyond their control but assured they are making every effort to recover the funds. They have blocked some deposits and contacted affected wallets for recovery.
Despite initial concerns about a slight price drop, $SHIB held its support levels around $0.0000175, due to market makers stabilizing the market by purchasing $SHIB from decentralized exchanges (DEXs) and depositing it to centralized exchanges (CEXs) for arbitrage.
This price stability indicates strong market support for $SHIB, as the excess liquidity was absorbed without a major correction. This article will explore the factors impacting Shiba Inu’s price and its future price trajectory.
$SHIB Crypto Price Prediction
Recent trends show that Shiba Inu has not been performing well, particularly since March of the previous year. While there is anticipation for a potential breakout, predicting the exact timing of such a movement is challenging.
Historical patterns reveal that Shiba Inu has gone through cycles of substantial rallies followed by long periods of decline or sideways trading. For instance, in 2021, Shiba Inu saw a notable rally lasting about 28 days before a decline. A similar pattern occurred with a rally lasting around 31 days followed by a downturn.
As of today, July 21st, Shiba Inu is priced at $0.0000178 with a 24-hour trading volume of $389.54 million and a market cap of $10.50 billion. The $SHIB price increased by 0.58% in the last 24 hours. The cryptocurrency remains far from its all-time highs and may continue trading sideways.
Shiba Inu’s indicators show the 50-day simple moving average (SMA) is at $0.00001933, while the 200-day SMA is slightly higher at $0.0000197, suggesting the price is hovering around these moving averages. Shiba Inu’s 14-day RSI is at 50.36, indicating that $SHIB is currently neutral.
Price predictions for Shiba Inu show a mixed outlook. In the short term, a significant spike to $0.0000210 is expected within the next 7 days. However, this surge is likely to be short-lived, with decreases forecasted for the one-month and three-month periods.
Moving forward, a substantial increase in project valuation is necessary for $SHIB to regain its previous highs. The overall market sentiment remains cautious, and the cryptocurrency’s future performance is uncertain.
For an in-depth Shiba Inu price prediction analysis, watch the video above and subscribe to his YouTube channel for more crypto price prediction videos. Additionally, join Jacob Crypto Bury’s Discord community for trading tips and updates on upcoming crypto presales.
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