On February 15th, Shiba Inu (SHIB) attempted to rebound, but was unable to maintain its upward trajectory and immediately began to decline.
Analysis of SHIB’s price trends on daily charts since June 2023 reveals consistent trading within a rising parallel channel.
This bullish trend reached its peak on December 17th, when SHIB price hit a high of $0.0000120 and then began to decline, maintaining a descending resistance line leading to the lower channel limit.
We take a look at recent SHIB price movements and attempt to predict possible paths for the token’s value development.
After all, meme coins are known to be active in market activity, so it’s worth it just to be fully aware of the latest in the Shiba world.
Price movements of SHIB within the framework of modifications
In February 2024, SHIB found new vitality and broke through the descending resistance line. However, it failed to cross the midpoint of the channel and was rejected.
The daily Relative Strength Index (RSI), a pivotal momentum gauge used by traders to assess whether an asset is in overbought or oversold territory, gives inconclusive signals. Typically, an RSI above 50 and rising indicates bullish dominance, while an RSI below 50 indicates bearish control. Currently, RSI is hovering around 50, showing ambiguous market direction.
A closer look at the 6-hour chart highlights the potential for continued decline, as can be inferred from both the price action and the RSI indicator. SHIB is currently located in the lower part of a short ascending parallel channel and has begun a decline after being rejected at the February 16th resistance level.
This downtrend hinted at a bearish outlook as the 6-hour RSI fell below the 50 level.
A break out of this channel will likely solidify the bearish trend and lead to a 17% decline in SHIB towards the channel’s lower support at $0.0000080.
Conversely, a surge in this ascending channel could mean that a local bottom has been established, setting the stage for a 16% rise in SHIB’s price towards the upcoming resistance level at $0.0000110.
How to buy SHIB?
To purchase Shiba Inu (SHIB), you can use an existing cryptocurrency platform such as Gate.io. You must first create and verify an account on the platform to ensure compliance with our security and verification protocols. Once your account is set up, you’ll need to deposit funds through a variety of methods, including bank transfer, credit card, or cryptocurrency transfer from another wallet.
After your account is funded, go to the trading section of Gate.io and search for SHIB tokens. You can find SHIB paired with several currencies. Choose the one that matches your deposited funds.
You can then place a market order to buy SHIB at the current market price or a limit order where you can specify the price at which you want to purchase SHIB. After specifying the SHIB quantity you wish to purchase and confirming the transaction, SHIB tokens will be credited to your Gate.io wallet to complete the purchase process. If you want a more hands-on approach, you can refer to our How to Buy SHIB instructions, which clearly explains the process down to every little step.
competitive market
SHIB is not the only meme coin in the cryptocurrency world, there are of course other coins worth mentioning. Aside from Bonk (BONK) and Dogecoin (DOGE), the meme coin sector is busy with a variety of other competitors vying for attention in the vast and volatile cryptocurrency market. Among these, coins such as SafeMoon, PepeCoin, and Kishu Inu stand out for their unique branding and community engagement efforts.
SafeMoon, for example, emphasizes a tokenomics model designed to encourage investment stability by rewarding long-term holders. PepeCoin leverages the iconic Pepe the Frog meme to create a sense of identity and camaraderie among its owners. Kishu Inu, similar to SHIB, offers a variety of decentralized finance (DeFi) features to lure users, capitalizing on the growing interest in dog-themed cryptocurrencies.
These meme coins, while playful in nature, are strong contenders in the cryptocurrency space, each bringing innovative concepts and utility to the table and aiming to not only entertain but also provide value and often provide price surges to their respective communities.
SHIB got burned.
Shiba Inu (SHIB) incorporates a token burn mechanism as part of its ecosystem strategy to reduce total supply in circulation and increase scarcity and value over time. Token burning involves permanently removing a certain amount of tokens from circulation by sending them to a “dead” wallet address from which they can never be retrieved.
This process is sometimes initiated by developers or through community-led initiatives, such as using specific smart contract functions designed to burn a portion of transaction fees or otherwise. By reducing supply, the SHIB project aims to create deflationary pressures that could theoretically increase the value of the token if demand remains constant or increases. The SHIB community actively tracks these burn events, which it sees as a promise for the long-term viability and price stability of the token.