This Is Why SHIB Price May Not Reach $0.000025 in 2024
Summary
Shiba Inu (SHIB) faces significant challenges in achieving a price of $0.000025 in 2024, primarily due to its correlation with the struggling altcoin market and the prevailing Fear, Uncertainty, and Doubt (FUD). Following a significant drop from a yearly high of $0.000035, analysts indicate that unless Bitcoin stabilizes and altcoins recover, SHIB may not perform positively, facing possible price drops.
Recent analyses illustrate the ongoing challenges for Shiba Inu (SHIB), noting its price trajectory is closely linked to the broader altcoin market, which has experienced significant declines over recent months. Although a resurgence in prices could potentially benefit SHIB, a clear recovery remains uncertain due to prevailing market conditions. In March, SHIB experienced a price increase, reaching a yearly peak of $0.000035, which coincided with similar ascents in other altcoins. However, since that peak, SHIB has witnessed an approximate 65% depreciation. According to Brian Quinlivan, Lead Analyst at Santiment, SHIB is unlikely to see substantial gains unless the altcoin market begins to recover from its prolonged downturn. Furthermore, Quinlivan indicated that fluctuations in Bitcoin’s performance could significantly impact SHIB’s future. He stated, “The 30-day average trading returns are down just slightly at -1.1%, while the long-term returns are down a whopping -31.7%. This sets the 13th ranked memecoin up to potentially perform very well once Bitcoin can stabilize and altcoins are able to flourish again.” Meanwhile, on-chain data reveals a continued decline in SHIB’s social dominance since May, an indicator of the cryptocurrency’s market interest relative to others in the top 100. The current downturn reflects an increase in Fear, Uncertainty, and Doubt (FUD) surrounding SHIB. Moreover, SHIB’s token distribution illustrates differing behaviors between retail and larger investors. Santiment reports that retail holders owning between 100 and 1 million tokens have been accumulating, while those with 100 million to 1 billion tokens have notably reduced their holdings. This divergence indicates the tentative market sentiment toward SHIB. If major investors do not begin to accumulate alongside retail investors, this could restrict SHIB’s potential for the remainder of the year. Evaluating current trends, SHIB’s price appears to reflect a narrative similar to an earlier period in April 2022, during which the token struggled to reach $0.000027 following a sharp decline. Presently, SHIB trades at approximately $0.000013, and technical indicators such as the Relative Strength Index (RSI) suggest a weakening of momentum, which may inhibit bullish developments for the token. Therefore, SHIB may confront resistance around $0.000018 for the rest of the year, complicating its journey towards the $0.000025 mark. Projections indicate that SHIB could potentially drop below $0.000010 shortly. While an uptick in price could occur by the end of 2024, achieving the $0.000025 milestone appears unlikely unless an altcoin market resurgence takes place, which is questionable in the current economic climate.
Shiba Inu (SHIB) is a cryptocurrency that emerged as a notable contender in the meme coin category. Over the past year, it has reflected significant volatility in its price, particularly influenced by broader market trends within altcoins and Bitcoin. The current analysis sheds light on the possible future performance of SHIB, recognizing its dependence on external market forces and internal investor dynamics. A comprehensive understanding of these market indicators is crucial for predicting Shiba Inu’s price trajectory going forward into 2024.
In summary, Shiba Inu’s price recovery hinges largely on the overall performance of the altcoin market and Bitcoin’s stability. The ongoing FUD and the current trajectory of SHIB’s social dominance and investor behavior suggest that a significant rally towards the $0.000025 threshold is improbable under existing conditions. Stakeholders should exercise caution and remain vigilant of market shifts that may affect SHIB’s prospects in 2024.
Original Source: beincrypto.com
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