The crypto market has slowed a bit over the last few days. Meme coins, as you would expect have taken a hit. In fact, Shiba Inu (SHIB), one of the main meme coins in the market, has seen a mini sell-off of sorts. But it’s not all gloomy for SHIB holders. A look at the chart shows a possible immediate bounce back. Here are some highlights:
Shiba Inu has exploded in February, at one point gaining nearly 75% in 3 days.
The much-expected correction however appears to have come with SHIB selling in recent days.
Technical indicators however show a quick bounce with an upside of at least 16% is possible.
Data Source: Tradingview
Shiba Inu (SHIB) – Price prediction and analysis
Shiba Inu (SHIB) is right now trading at the confluence of two important indicators. These are the 50 day and the 200-day simple moving averages. In recent weeks, the confluence has proved to be a very strong demand zone for bulls.
We have seen very significant buying activity between $0.000027 and $0.0000288. At press time, the coin was trading at $0.00002716. Although SHIB is indeed down by around 7% over the last 24 hours, it means the price has entered this crucial demand zone.
We expect bulls to step up and buy in the coming days, something that will ultimately push SHIB further. As a result, an upside of around 16% is very possible.
Why are people buying Shiba Inu (SHIB)
Shiba Inu (SHIB), often referred to as the DogeCoin killer, is by far one of the most successful meme coins in history.
Although the token has declined significantly from its all-time highs in 2021, there is still a lot of potential for further growth. Besides, we have seen SHIB whales accumulating more and more SHIB. From a short-term point of view, the meme coin is indeed worth buying right now.