Shiba Inu (SHIB) has reversed sharply from an attempt earlier in the day to push to the north of the upper $0.000010s and an increase in trading volumes as traders return from New Year celebrations.
Having been as much as 2.5% higher on the day, SHIB is now down by over 1.5% as the bulls and bears continue to battle for supremacy at the start of 2024.
Tuesday saw 24-hour spot SHIB trading volumes across major exchanges jump to $175 million as per Yahoo Finance, the highest in nearly a week, though still low versus the early/mid-December average.
Price Prediction – Where Next for Shiba Inu (SHIB)?
Arguably, SHIB is still in an uptrend that has seen it gain around 60% from its October lows.
The cryptocurrency also continues to hold just about to the north of its 21DMA.
However, the cryptocurrency is threatening a break of these uptrends, which could result in a short-term dip.
A bearish breakout would likely trigger a quick retest of support in the $0.000009-0.0000095 area, where the 50DMA resides.
Assuming that the broader crypto market remains in an uptrend in the coming weeks and months, there is a good chance that longer-term SHIB bulls would jump in to buy any dip to sub-$0.000010 levels.
Longer-term price predictions are likely to remain bullish.
However, SHIB continues to lag major cryptos like Bitcoin (BTC) and Ether (ETH) in terms of performance over the past 12 months.
Where SHIB is only up around 27% in the past year, BTC and ETH are up 169% and 94% respectively.
For SHIB to catch up, a sustained rise in on-chain activity on the recently launched Shibarium layer-2 Ethereum scaling blockchain, which was launched to provide a home for the Shiba Inu web3 ecosystem, will be needed.
Some hopeful signs of Shibarium adoption came in early December, when new accounts, active accounts and transactions briefly spiked, as per Shibariumscan.io.
That spike in activity was short-lived, but SHIB bulls will be hoping it’s a taste of what’s to come as the crypto bull market matures.
Meme Coin Alternative to Consider – Meme Kombat
Whilst SHIB has potential to perform well, it’s already bloated market cap of last around $6.2 billion suggests that investors looking to bag gains in the region of 100x have probably missed their opportunity.
Investors looking to bag 100x gains might instead want to check out a high-risk/high-reward crypto investment strategy that has been growing in popularity in recent years – investing in token presales.
Cryptonews.com spends a lot of time analyzing which presales have potential, and one such project that they are big fans of is an exciting new project called Meme Kombat.
Meme Kombat blends together the world of crypto gaming and gambling with its exciting platform where users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins.
Early $MK investors can also benefit from generous staking rewards, which are currently more than 100% annually.
The project has already raised close to $5.75 million, despite launching just weeks ago.
Visit Meme Kombat Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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