Shiba Inu (SHIB), the internet’s favorite dog-themed cryptocurrency, has had a wild ride. From humble beginnings as a pun to shooting up in value, it has captured the attention of both crypto enthusiasts and skeptics alike. But what does the future hold for SHIB? Is it all set for another explosive run, or will it fade to become insignificant over time? If the current speculations hold, the former seems to be the more likely outcome. Let’s have a look!
Charting Shiba Inu’s Course: Upward Trend or Dead End?
Looking at SHIB’s price chart, there are some interesting signs. On the bright side, there do not seem to be any major resistance levels ahead, meaning it could potentially increase in value without facing strong opposition. This is in stark contrast to previous dips where resistance levels acted as roadblocks. Additionally, the formation of higher lows on the chart indicates an upward trend, suggesting buyers are stepping in at lower prices, thereby building support for further growth.
If SHIB breaks through the current resistance level of $0.000012, it could lead to a significant price increase, similar to its astounding growth in May 2021. This momentum could be further supported by the broader market’s positive sentiment following the approval of a Bitcoin spot ETF.
Riding the Bitcoin Wave- Can SHIB Catch a Lift?
The recent approval of a Bitcoin exchange-traded fund has many excited about the future of cryptocurrency. Some believe this could bring more money into the market and could potentially benefit altcoins like SHIB. This development, combined with SHIB’s association with Dogecoin (DOGE) and the memecoin effect, could attract investors who are on the lookout for the next big thing.
Another factor driving things in favor of SHIB could be the ShibArmy, SHIB’s dedicated community that has been contributing positively to rally momentum around the coin. They are also masters of social media and often generate hype that influences the market and investor perception.
Historically, SHIB has thrived on community hype and broader market rallies. The current excitement surrounding Bitcoin and the anticipation of the Coinbase court case could provide the perfect environment for SHIB to take off. A positive outcome for Coinbase could boost confidence and potentially benefit riskier assets like SHIB. However, a negative ruling could create uncertainty and cause prices to dip.
Institutions and Crypto- Is this a New Chapter for SHIB
While some major institutions are still hesitant about crypto, others are starting to see its potential. The fees associated with Bitcoin ETFs could attract more institutions to join the crypto party and may likely benefit the wider market and SHIB along the way.
At the same time, it is pertinent to note that investing in any cryptocurrency, especially a meme coin like SHIB, comes with risks. The market is unpredictable, and prices can swing wildly. Hence, it is advised to do research, understand your risk tolerance, and never invest more than you can afford to lose.
Will SHIB dominate the market? Only time will tell. The next few months will be important for sure where the technical indicators, community strength, and broader market developments will all play a role. Only one thing is for sure- it is a story worth watching.
Celine Brooks is a renowned journalist and author specializing in cryptocurrency and blockchain technology. She holds a Master’s degree in Economics from Harvard University and is very passionate about Crypto. Celine regularly hosts webinars and workshops, sharing her insights and forecasts about the evolving digital currency landscape. She is also an active contributor to several leading financial and tech publications, where she breaks down complex crypto trends into understandable insights for everyday investors.