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- Shiba Inu is anticipating further rebound after recent losses thinned out.
- Projections are lofty for SHIB in the short term, but volatility hints at caution.
The Shiba Inu (SHIB) memecoin saw a double-digit gain of 24% during today’s early trading session. This surge, which coincides with a rebound in the crypto market, has triggered expectations of a future SHIB rally.
The SHIB Rebound
Shiba Inu went from a high of $0.000022 in January to a low of $0.000016 in early February. On Monday, SHIB’s price plummeted by almost 18% to $0.000014, largely fueled by a downtrend in the general market.
SHIB is attempting to retake its lost territory and make up for the losses it delivered. The dog-themed token could exceed the $0.00002 mark if it maintains the positive momentum this week.
As of this writing, SHIB’s price has been trading at $0.000015, up 6.67% in the last 24 hours. The daily trading volume is still down 45.9%, indicating reduced investor interest.
SHIB faces a key resistance at the $0.000016 level. A breakout above this level may see SHIB moving to higher prices. On the other hand, SHIB’s price could experience a further downtrend if it fails to break above the resistance.
Looking at historical patterns, Shiba Inu is known to see drastic price fluctuations at the start of a bull run. In March 2024, SHIB surged nearly 280% in a month amid expectations of the Bitcoin halving. In November, the dog-themed token skyrocketed by over 200% following Donald Trump’s election win as US President.
Shiba Inu usually delivers stellar profits to investors within a short period when the price goes high. The recent emergence of SHIB whales has also raised expectations of price stability. As featured in a recent CNF coverage, SHIB’s large transaction volume rose to 4.3 trillion on February 2.
This figure represents almost a 200% increase from the 1.5 trillion recorded on January 31.
Bitcoin to Influence SHIB’s Future Movement
Bitcoin’s latest rebound is another determining factor that has raised SHIB investors’ hope about an imminent rally for the memecoin. On Tuesday, Bitcoin (BTC) reclaimed the $100,000 mark before dropping to the current price of $99,087.
Typically, top altcoins and memecoins move in tandem with Bitcoin and deliver huge returns to investors. Hence, SHIB has a higher chance of igniting a rally if Bitcoin sees more rallies this month.
CoinCodex, a leading on-chain metrics and price prediction firm, has already raised optimistic forecasts for Shiba Inu. CoinCodex noted that SHIB’s price could double from the current level, surging by another 104% this week. The forecast estimates that SHIB could reach a high of $0.00003344 this weekend.
This puts SHIB on the must-buy list for investors seeking huge profits as predictions estimate a rally is just around the corner. Still, investors are advised to exercise caution as the crypto market is synonymous with volatility.
