Shiba Inu Price Forecast: SHIB Drops 4% – Could This be the Ideal Entry Point?
Shiba Inu (SHIB) has been facing negative price predictions lately, with a 4% decline on Thursday and potential retesting of its April lows. Traders are now considering if this could be the perfect opportunity to buy in.
As technical indicators worsen in June, the lack of new yearly highs for Bitcoin (BTC) might indicate a downward trend for SHIB.
Bitcoin recently failed to reach $70,000 again due to the Federal Reserve’s hawkish rate forecasts overshadowing previous CPI inflation optimism. This suggests that Bitcoin’s consolidation over the past three months is likely to continue, potentially leading to more selling pressure on SHIB.
The $0.000018 level has historically been a strong support level for SHIB in 2024, making a retest of this level an attractive buy-in point.
Shiba Inu Price Forecast – How Far Can SHIB Rise in This Bull Market?
SHIB has retraced over 50% from its peak near $0.000046 earlier this year. Despite hitting new highs in 2024, SHIB is still more than 2x below its all-time highs from 2021 near $0.00009. If SHIB manages to challenge its previous highs during this bull market, potential gains of at least 4x are possible, bringing the market cap to around $50 billion.
Many believe that Dogecoin (DOGE) can reach $1 with a market cap exceeding $140 billion this cycle, indicating even more upside potential for SHIB. With SHIB’s current market cap 61% the size of Dogecoin’s, a market cap of nearly $90 billion is conceivable if DOGE hits $144 billion.
Consider an Alternative to SHIB – Play Doge (PLAY)
While SHIB could see gains of over 5x in this bull market, investors seeking larger returns of 50-100x may want to explore an innovative play-to-earn (P2E) meme coin known as Play Doge (PLAY). Check out the video by CryptoNews’ analyst to learn why it is one of their top picks for 2024.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and should not be considered investment advice. There is a risk of losing all invested capital.
