Shiba Inu (SHIB) price, a popular meme cryptocurrency, has experienced a notable price increase as the broader market shows signs of recovery. The SHIB is on a path to regain its previous momentum as market conditions improve.  

The digital asset has exhibited positive dynamics, indicating a potential for further upward movement. With several optimistic indicators, Shiba Inu appears poised for additional gains, reinforcing its market strength.

Shiba Inu Price Endorses Neiro, a Fresh Meme Coin

Shiba Inu’s X account has recently shown support for NEIRO, an emerging dog-based meme coin. Neiro has connections to the creators of the original Dogecoin meme coin, further linking it to a lineage of canine-themed cryptocurrencies. As Shiba Inu engages with Neiro, there is speculation that this could significantly impact its market value. Given the buzz around this partnership, many in the cryptocurrency community are keenly watching the developments. As these digital assets become more intertwined, potential investors are speculating on the impact this relationship could have on their investments.

Source- X

Over the past 24 hours, the Shiba Inu price has shown a promising upward trajectory, indicating a bullish trend. The meme coin has been hovering between a high of $0.00001421 and a low of $0.00001355.  The SHIB price hovered at $0.00001421, making a slight surge of 4% on Thursday. This aligns with other crypto markets experiencing a rebound, suggesting a broader recovery in the digital currency landscape.

SHIB Price Forecast As Bullish Dominates: What’s Next For Meme Coin?

Shiba Inu price is currently facing a crucial resistance point at $0.000015. Surpassing this level could propel its price to $0.00002. This breakthrough may set the stage for climbing the $0.00003 threshold, suggesting a potential bullish swing in the short term.

The Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line (blue) recently surpassing the signal line (orange). This is a bullish signal, suggesting that upward momentum may be building in the near term.

Shiba Inu Price By TradingView

Conversely, if the resistance holds and bearish trends intensify, the Shiba Inu price forecast could retreat to lower support at $0.000014. A further downturn, influenced by negative market sentiment, might push the price down to $0.000013. Such a decline would indicate a strengthening bearish trajectory in the market.

The post Shiba Inu Price Rally Imminent After SHIB & NEIRO Collaboration Rumors appeared first on CoinGape.

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Filed under: News - @ August 22, 2024 10:27 am