Shiba Inu Price Prediction as SHIB Bounces 5% Suddenly Overnight – New Bull Rally Starting?
SHIB has jumped by 5% in the past 24 hours, with the Shiba Inu price rising to $0.00002357 as the crypto market as a whole gains by 2% today.
Shiba Inu remains down by 7% in the past week, however, as well as by 2% in the last 30 days.
On the other hand, its medium- and long-term momentum remains solid, with the coin having gained 160% in the past year.
And with SHIB’s price bouncing overnight and again this morning, today could be the beginning of a new growth spurt.
Shiba Inu Price Prediction as SHIB Bounces 5% Suddenly Overnight – New Bull Rally Starting?
SHIB’s chart and indicators show some very strong momentum right now, largely as a result of the surge it has seen in the past hour or so.
Its RSI (purple) has gone from under 30 very early this morning to just over 70 as of writing, and given that it had been suffering for several days prior to this, it could remain high for a few days yet.
Source: TradingView
Providing support to this view is SHIB’s 30-day average (orange), which has begun climbing rapidly and could soon overtake the 200-day (blue).
If it does climb over the longer term average, this could signal a breakout rally, which again may last for a few days.
The reason why SHIB has attracted a sudden influx of interest is that CoinGate has just announced that it has integrated Shiba Inu with the Polygon and BNB Chain networks.
CoinGate has integrated SHIB with Polygon and Binance Smart Chain (BSC).
CoinGate, a cryptocurrency payment gateway, acts as an intermediary between digital currencies and conventional enterprises, empowering merchants to receive digital assets as payment for products and… pic.twitter.com/7g0YR2HVSo
— Liquidex (@Liquidex_1) May 13, 2024
In other words, it’s now faster and cheaper to use SHIB as a payment option online, something which could open up the famous meme token to more usage going forward.
Because of this, and because the announcement coincided with a general uplift for the wider market, we could certainly see Shiba Inu price continue to climb in the near term.
It’s also arguable that Shiba Inu’s fundamentals – which are strong for a meme coin – could help it appreciate over longer timeframes.
For instance, it’s in the process of building a privacy-focused layer-three network, while it launched its own layer-two (Shibarium) in August of last year.
Critics might point out that CoinGate integrated SHIB with Polygon, and didn’t use Shibarium, yet the fact that the coin’s developers are building this kind of stuff bolsters its long-term outlook.
The Shiba Inu price could, therefore, reach $0.00004 in the next couple of months.
New Meme Tokens Show Strong Potential
SHIB remains in a very good position, yet it isn’t the only promising meme coin around at the moment, with several new meme tokens looking ready to perform well in the coming weeks.
Possibly the most promising is Dogeverse (DOGEVERSE), a multi-chain meme coin that has raised over $15 million in its token offering.
Source: Dogeverse
What distinguishes DOGEVERSE above most of its rivals is that it’s the first-ever Doge-themed multi-chain crypto.
As such, it will launch on Ethereum and then soon after bridge to Polygon, BNB Chain, Solana, Avalanche and Base.
This will give it wider application than most other meme coins, with DOGEVERSE potentially gaining traction and usage on multiple apps and platforms.
In turn, more adoption will equal greater demand and a higher price, with the token also boasting a hard cap of 120 million tokens.
This could make it deflationary over time, while the ability to stake the coin will further squeeze its circulating supply.
Such features look ready to make DOGEVERSE one of the biggest token launches of the year, with newcomers able to join its sale at the official Dogeverse website.
There’s limited time left to buy during the presale, which is due to end in the next few weeks, at which point the coin will list and potentially moon.
The post Shiba Inu Price Prediction as SHIB Bounces 5% Suddenly Overnight – New Bull Rally Starting? appeared first on Cryptonews.
