Shiba Inu ($SHIB) demonstrates potential for rebound

Shiba Inu ($SHIB) can still surge to $0.000022 given it is way below the 50-day SMA amid volatility of 10.80%. This stems from the belief that the growth of the meme coin is driven by hype across social media. Plus, the market cap is long due to a strong rebound. It has slipped away from Dogecoin instead of dethroning the meme con giant from the top of the chart.

Needless to say, that introduces a reversal trend for the token as well.

SHIB is listed at $0.00001793 with a dip of 3.55% in the last 24 hours. The token has been consistent throughout the monthly run. Even the weekly change is in red which has triggered bearish sentiments in the short term. Shiba Inu predictions are bullish but that barely stretches for a week. The time window after that period brings the horrors of bearish run back into the picture. The market cap, for one, has slipped to $10.57 billion at the time of writing this article.

There is a sign of relief in 24-hour trading volume; however, it still depends on one’s interpretation. Whales can get into the trading board to fuel a surge. Till then, it is safe to assume that traders are dumping their holdings to avoid any further loss. There is a reasonable rise of 3.23% in the category.

Trade can alternatively signal a sign for buying the dip. Short-term traders could be looking to make profits in the next 5 days, for the prediction estimates it to rise to $0.00004041. That would be a massive jump indeed before it retraces back to a lower value of $0.00001717. The volatility rate does not paint a nice picture. The 50-day SMA demonstrates an opportunity for a rebound.

SHIB has traded profitably for 11 days in the last month. That roughly translates to green trades for 37%. The Fear & Greed Index has given SHIB 63 points to categorize the trend under Greed.

Trends are coming under the limelight for what the future holds. Shiba Eternity, powered by Shiba Inu, is expected to make a transition to Web3 with the integration of Shibarum in the third quarter of 2024. The game will be a closed beta test that will run all the crucial features. The launch carries forward the vision of Shytoshi Kusama wherein the game is expected to retain decentralization and independence while enhancing the user experience.

That announcement has brought life back to the community. Members are optimistic that the next 30 days could turn around for SHIB.

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Shiba Inu, like every other meme coin, will look up to social media trends to gain momentum. The movement of price has depended on how the community is interacting with the token on, say X. Future trajectory is strong no matter the kind of predictions that make their way to the headlines.

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