Shiba

Convergence

Shiba Inu

Coin

Divergence

The second-largest meme coin by market capitalization has seen notable market corrections over the past day following a broad downturn in the crypto markets. According to data from <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/shiba-inu/">CoinMarketCap</a>, and as of this report, <a href="https://coingape.com/price/shiba-inu/" rel="noopener noreferrer nofollow">Shiba Inu Coin price</a> is trading at $0.00002148, with a dip of 2% during the US trading hours on Thursday.&nbsp;
The trading volume has slightly increased by 1.79% over the last 24 hours, reaching $765.61 million. Meanwhile, the market capitalization has also experienced a similar decline of 1.89%, landing at approximately $12.66 billion, making Shiba Inu the 11th-ranked cryptocurrency in market value.
<h2 id="span-style-font-weight-400-shiba-inu-coin-price-forecast-is-a-recovery-on-the-horizon-span">Shiba Inu Coin Price Forecast: Is a Recovery on the Horizon?</h2>
In the last 30 days, the <a href="https://coingape.com/meme-coin/" rel="noopener noreferrer nofollow">meme coin</a> SHIB has been trading sideways, marked by a significant 16% drop in the past week alone. Following market adjustments and increased bearish momentum, SHIB trades below the $0.000025 resistance level. Over the month, SHIB has fallen by approximately 8%.&nbsp;
<figure id="attachment_202222" aria-describedby="caption-attachment-202222" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-202222" src="https://coingape.com/wp-content/uploads/2024/06/SHIBUSD_2024-06-13_15-37-58-e1718283593108.png" alt="Shiba Inu Coin Price Prediction As Market Faces Corrections. Is It Time to Buy?" width="1200" height="603">
 <figcaption id="caption-attachment-202222" class="wp-caption-text">
 Shiba Inu Coin Price Prediction
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Other major <a href="https://coingape.com/trending/why-is-the-crypto-market-declining-today/" rel="noopener noreferrer nofollow">cryptocurrencies</a> have also experienced declines. Bitcoin, for example, dipped below $70,000, contributing to its 5% loss over the past seven days. This downtrend in Bitcoin’s value has influenced other major altcoins like <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>, which saw a nearly 9% drop this week, reflecting a broader negative trend across the cryptocurrency market.
Recent on-chain activity has shown a significant movement of Shiba Inu tokens, signaling potential market shifts. Specifically, major SHIB stakeholders have transferred approximately 4.29 trillion tokens to the <a href="https://coingape.com/glossary/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a> platform.&nbsp;
<blockquote class="twitter-tweet">
 5 hour ago, 10 wallets deposited 4.29T <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> (~$97.33M) to <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a>
 10 above wallets have the same movements: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;">Those <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> were accumulated in 2 different times: Sept 2021 and March 2024 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;">The avg entry is $0.00001309 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f449.png" alt="👉" class="wp-smiley" style="height: 1em; max-height: 1em;"> the profit will be $41.22M if sold all at current price <a rel="noopener noreferrer nofollow" href="https://t.co/CYsMhYkgfc">pic.twitter.com/CYsMhYkgfc</a>
 — The Data Nerd (@OnchainDataNerd) <a rel="noopener noreferrer nofollow" href="https://twitter.com/OnchainDataNerd/status/1800427511890993545?ref_src=twsrc%5Etfw">June 11, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This substantial relocation suggests a possible increase in sell pressure, which could lead to further price declines in the near term. As large quantities of <a href="https://coingape.com/markets/shiba-inu-coin-price-prediction-can-shib-reach-0-00003-amid-increased-burns-rates" rel="noopener noreferrer nofollow">SHIB</a> accumulate on the exchange, the market braces for potential impacts.
<h2 id="span-style-font-weight-400-assessing-the-meme-coin-s-technical-indicators-span">Assessing The Meme Coin’s Technical Indicators</h2>
The <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/" rel="noopener noreferrer nofollow">Shiba Inu price prediction</a> is at a critical juncture, encountering a significant resistance point at $0.000022 amid fluctuations in the market. A successful breach of this level may propel it to $0.000025. Achieving this could pave the way to the $0.00003 mark.&nbsp;
Conversely, increased pressure from sellers could depress its value to $0.000021. A negative shift in market mood could further reduce its price to $0.00002. Escalating downward momentum might solidify a bearish trend.
<figure id="attachment_202221" aria-describedby="caption-attachment-202221" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-202221" src="https://coingape.com/wp-content/uploads/2024/06/SHIBUSD_2024-06-13_15-38-35-e1718283658358.png" alt="Shiba Inu Coin Price Prediction As Market Faces Corrections. Is It Time to Buy?" width="1200" height="603">
 <figcaption id="caption-attachment-202221" class="wp-caption-text">
 Shiba Inu Coin Price Prediction| Source <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/R0Izyrq8/">TradingView</a>
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The technical indicators for the SHIB chart suggest a period of consolidation. The Moving Average Convergence Divergence (MACD) indicator shows convergence towards the signal line, suggesting a potential slowdown or reversal in momentum.&nbsp;
The MACD line is below the signal line, indicating weak bullish momentum. The Relative Strength Index (RSI) stands at 37, indicating that SHIB is neither overbought nor oversold. The RSI level suggests a neutral market sentiment at this time.&nbsp;
Most of the Oscillators and moving averages on the daily chart indicate sell signals, suggesting a potential downward trend in the market. The 50 Exponential Moving Average (50-EMA) is currently above the 20-EMA, indicating a potential downtrend in the market.
The post <a href="https://coingape.com/markets/shiba-inu-coin-price-extends-consolidation-but-when-is-the-bull-run-starting/" rel="noopener noreferrer nofollow">Shiba Inu Coin Price Extends Consolidation, But When Is The Bull Run Starting?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Coin Price Extends Consolidation, But When Is The Bull Run Starting?

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