SHIB News: Key Support Levels Identified with Diverging Analyst Views on Future Trends

A recent technical analysis of Shiba Inu (SHIB) has revealed crucial price support levels, sparking differing opinions among analysts regarding the cryptocurrency’s future trajectory.

Shiba Inu Price Analysis: Key Support Levels and Potential Trends

Recent technical analysis pinpoints important price levels for Shiba Inu (SHIB). Analyst BlueCrypto reports that SHIB has sustained local support at $0.00001345 but warns that a higher level at $0.00001465 is necessary for upward momentum. Failure to hold this could lead to a bearish reversal. Conversely, another analyst, Crypto Sheriff, believes SHIB could enter a new uptrend following a potential breakout.

Shiba Inu Price Prediction and Market Position

Shiba Inu (SHIB) has faced significant value loss, exceeding 30% in February and losing more than 10% in the previous week. The cryptocurrency is at risk of falling further if it breaks below the $0.000012 support zone, which could send it plummeting 23% to $0.0000094. Investors are shifting focus towards projects like Mutuum Finance (MUTM) that merge innovative concepts with practical utility. SHIB’s recent performance follows changing conditions across the crypto market.

Shiba Inu on Downturn, but Team Member Remains Positive

Shiba Inu (SHIB) is experiencing a relentless downturn, with its price now reaching the $0.000013 mark. The token is on the brink of adding an extra zero, potentially making its price reach the $0.000001 range. Over the past year, SHIB has slipped nearly 67% and shed most of the profits it generated in March and November 2023. Despite the downturn, SHIB surged 280% in March 2024 due to the Bitcoin halving event and 200% in November when markets rallied after Trump reclaimed the White House. However, the dog-themed token is now at its yearly low. Lucie SHIB, Shiba Inu’s marketing head, encouraged investors to remain positive and predicted that the token would rise again in the charts and reclaim its previous glory.

10 Reasons a Shiba Inu ETF Could Be BlackRock & Grayscale’s Next Big Move

The interest in exchange traded funds (ETFs) has been continuously rising. Several firms have filed for altcoin ETFs like Dogecoin (DOGE), Litecoin (LTC), XRP, and Solana (SOL). The Shiba Inu community has pitched the idea of filing for a Shiba Inu ETF to firms like BlackRock and Grayscale Investments. A recent tweet by Shibarium Updates highlighted several reasons why a SHIB ETF could be a game changer in the sector.