Shiba Inu (SHIB) has been under intense scrutiny after experiencing a significant price drop earlier this week. However, the meme-inspired token seems to be recovering at the moment, with some analysts predicting an impressive bullish run in the coming days. Despite its bearish trend, SHIB has demonstrated remarkable strength and stability, holding above a critical support level of $0.00001 that has proven to be a vital point several times already.
Over the past 24 hours, SHIB seems to be on a reversal after a week-long dip that saw the coin lose nearly 10% of its value. Today, the token is up by 2%, building momentum for a price rally. Bitcoin, the largest cryptocurrency by market cap, experienced a significant price drop in the previous week, which affected the entire crypto market. Understandably, the latest bearish trend of the blue-chip crypto impacted the value of several altcoins, including SHIB.
The Shiba Inu price decline started on Wednesday, 19th April, with the coin losing more than 5% of its value in a single day. In the next few days, the meme token would fall by a further 7.47%. However, SHIB has displayed remarkable strength and stability by not sliding beneath the $0.00001 price level, which was last breached on March 10. Since rising back above this level on the same day, the SHIB market has been in consolidation, with its price ranging between a low of $0.0000101 to a high of $0.0000117.
SHIB’s ability to hold above this significant support level is a strong indicator of bullish momentum. After all, this threshold has proven to be a vital point a couple of times already. The sustained hold above this level would likely lead to a major price upswing. Additionally, going by past price action, SHIB looks set for another retest of the range high at $0.0000117. If there is prolonged buying pressure, we could see SHIB break this level to the $0.0000126 point. This move would represent a 20.4% increase from the current price.
While this projection looks very much plausible, it may not go as planned if SHIB price does not gather enough bullish momentum from this current run. Nevertheless, the Shiba Inu coin is gaining significant popularity in the crypto market and has sustained immense interest from its ardent followers known as the SHIB army.
The SHIB army is a major driving force behind the token’s meteoric rise in popularity in recent months. They have campaigned tirelessly for support from prominent public figures, including Elon Musk and Mark Cuban. Elon Musk, the CEO of Tesla, has previously endorsed SHIB, which contributed to a surge in the token’s value.
Despite the controversies surrounding the coin, such as its lack of utility and positive market impact, the SHIB army has continued to support it. Nevertheless, critics argue that SHIB is merely a tool for speculative trading and has no sustainable value in the long run.
The SHIB army’s unwavering support seems to be paying off, as the coin’s market capitalization has grown to over $12 billion, making it the 16th largest cryptocurrency by market capitalization. SHIB has also gained a listing on several prominent cryptocurrency exchanges, including Binance and Crypto.com, which has contributed to its expanding user base.
In conclusion, SHIB is experiencing a significant surge in popularity and market capitalization, breaking out of the realms of niche meme-inspired tokens. Its ability to hold above critical support levels and consolidate around them is a strong indicator of bullish momentum. While the coin may face challenges in the future, such as higher competition from other meme-inspired coins and increased regulatory scrutiny, SHIB and its ardent followers, the SHIB army, seem determined to keep it afloat.