Shiba Inu Price Prediction as SHIB Drops 2.5% in 24 Hours: Time to Buy the Dip?

Last Updated: May 20, 2024 7:47am EDT | 3 minute read

Today the SHIB fell to $0.00002394, with the price of the Shiba Inu down 2.5% as the cryptocurrency market as a whole fell 0.5% over the past 24 hours.

While the SHIB actually rose 1.5% in the last week, it fell 6% in two weeks, following a May 6-13 decline from which it has not fully recovered so far.

However, the ever-popular meme token remains up 4.5% in a week and 175% over the past year, giving it strong medium- and long-term momentum.

This means that now would be an opportune time to buy on the dip, with the price of the Shiba Inu likely to peak again soon.

Shiba Inu Price Prediction as SHIB Drops 2.5% in 24 Hours: Time to Buy the Dip?

After a decline overnight, the SHIB actually regained some momentum this morning, although it stopped rising over the past couple of hours.

Its relative strength index (purple) has climbed back up to 50, after falling below 30, a sign that some buyers have already bought the dip.

Source: TradingView

At the same time, the SHIB’s 30-day average (orange) appears poised to fall below the 200-day average (blue), which could portend further declines in the near term.

However, the rally in the last two hours could help it avoid such a fate, with the currency likely to rise again very soon.

What is also interesting is that the support (green) and resistance (red) levels of the token are sliding towards each other, something that usually predicts a big move.

This could go both ways, as SHIB’s relatively low volume – at $300 million today – makes the coin more vulnerable to volatility.

As the tweet above indicates, whales have been selling off SHIBs in recent days, undermining the sense that we are currently in an accumulation phase.

However, given that the coin has fallen quite a bit over the past couple of weeks, it seems like it is time to make a comeback.

It could reach $0.000025 in the coming weeks, with its long-term prospects largely dependent on the trajectory of the broader market.

For example, if the Fed cuts rates later in the year, the market will respond accordingly, with a general increase in prices.

This will include the price of Shiba Inu, which will also benefit from SHIB’s fundamentals as a token.

Such fundamentals stem from Shiba Inu’s recent efforts to increase its usefulness, including the launch of Shibarium last year and the upcoming launch of a privacy-focused layer three network.

Alternative Meme Tokens for market-beating returns

Traders wanting alternatives to the SHIB might do well to check one out latest meme tokens impressing investors right now, including several presale coins that could surge when they list.

A great example of this is Dogeverso (DOGEVERSE)a multi-chain cryptocurrency that raised more than $15 million from its pre-sale.

Source: Dogeverse

Dogeverse was able to raise so much money so quickly thanks to its strong tokenomics and fundamentals, with the coin poised to become the first Doge-themed multi-chain meme token.

Therefore, it will run on Ethereum and connect to Polygon, BNB Chain, Solana, Avalanche, and Base.

Its existence on more chains will mean it will potentially gain a wider application than it otherwise would have, with the aim of gaining traction across more apps and platforms.

Its tokenomics is also bullish, with the coin having a hard cap of 120 million, meaning increased demand will make it deflationary.

Holders will also be able to stake DOGEVERSE for passive income, an incentive that could see much of the money supply exit circulation.

Investors can buy some now before the sale ends going up the official Dogeverse websitewith 1 DOGEVERSE costing $0.00031.

This is the final pre-sale price, with the coin looking poised to rise once it arrives on trading platforms.

Buy DOGEVERSE today

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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