The post Shiba Inu Price Rebound Imminent as Demand Surges appeared on BitcoinEthereumNews.com.

Shiba Inu is reported to have lost 40% of its value in the last 40 days, and 30% of its accumulated gain in the last 30 days.  An analyst, however, foresees a rebound which could send the price above $0.000081 and subsequently around $0.0001553.  In the early trading hours of Friday, June 21, Shiba Inu (SHIB) underwent a massive decline, falling by 4% in just 24 hours to trade at $0.0000179. This extended its weekly decline to 16% and the monthly downturn to 30%.  As reported by Crypto News Flash, the broad market halted its 3-day losing streak on June 19 with renowned assets like Bitcoin (BTC) and Ethereum (ETH) making a slight recovery. However, the two biggest meme coins by market cap –  Shiba Inu (SHIB), and Dogecoin (DOGE) suffered from a massive downside below the critical support levels.  Comparing the current market situation to the June 1 price action shows a significant dominance by bears with Shiba Inu starting the month with a trading price of $0.000028. After three weeks of intensive bearish pressure, Shiba Inu recorded its lowest price of $0.000017 in about 100 days. This reflected a 40% loss within 20 days.  According to analysts, the ongoing market decline could be attributed to investors rotating funds out of the meme market. However, traders have been spotted accumulating the asset at the current discounted price, making the bearish continuation unlikely. Per our observation, the market has consolidated by 40% in the last 40 days, making it ideal to open a position at the current rate.  Exploring the Price of Shiba Inu with IntoTheBlock’s Data According to IntoTheBlock’s Aggregate Exchange Order Books data, Shiba Inu bulls have placed orders in a bid to purchase 5.2 trillion SHIB at an average price of $0.00018. Based on market demand, this…

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Filed under: News - @ June 22, 2024 11:26 am