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Could the coin reach $0.0001 soon?
Throughout 2024 until now, the Shiba Inu Coin has been one of the most dominant meme coins in the cryptocurrency market. Following the approval of the Spot Bitcoin ETFs and major Shibarium updates, SHIB broke out in the markets, only recently slowing its rise and returning to earth.
Despite a slight drop in the last 24 hours, Shiba Inu remains up 4% in the last seven days and almost 12% since the beginning of May. Its market capitalization also increased last month, currently standing at almost $15 billion. With hype reaching near-historic highs around the dog-themed coin, price predictions are bullish for SHIB.
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What are analysts seeing on Shiba Inu’s current charts?
Analysts are pointing out a positive triangle on recent SHIB charts, indicating a continued rise in price. SHIB price is currently in an ascending triangle and almost over. Typically, ascending triangles show investor interest and accumulation. Shiba Inu could rise if market structure holds and rise as much as 32% to around $0.000036.
Shiba Inu is currently trading at $0.00002539. The coin is well above the average on the simple moving average (SMA) chart, indicating bullish signs. Despite this price advertising campaign, trading volume fell by up to 40% in the last 24 hours. Cohesive increases in trading volume and price are typically the best indicator for an upcoming bull run, but despite the drop in trading volume, investors are still largely bullish on the SHIB cryptocurrency.
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Coinbase Futures recently announced support for SHIB perpetual futures, with trading beginning on May 30, 2024. Additionally, Shibarium expects further updates in the coming weeks, including a possible air launch, which will bring the hype. Therefore, Shiba Inu coin reaching as high as $0.0001 in the near future is certainly possible.