After two months of decline, Shiba Inu's price shows signs of recovery. With increased transactions and new projects, SHIB may enter a growth phase.
Current Market Situation for Shiba Inu
Currently, Shiba Inu (SHIB) has risen by 5% over the past seven days, trading at around $0.0000126. This may indicate a correction bottom amid increased trading volumes and potential Bitcoin rally driven by gold price increase.
Midterm Expectations for Shiba Inu Price
From a technical analysis perspective, Shiba Inu has been retesting a crucial support range between $0.00001 and $0.000013. A consistent close below this range could trigger further correction towards $0.0000078. However, a positive movement in the Ethereum price is expected to aid SHIB's price recovery.
Fundamental Outlook
Shiba Inu has grown from a speculative reliant memecoin to a utility-based altcoin. The launch of the Shibarium layer two solution and ShibaSwap (BONE) has greatly contributed to its growth and token burn rate. Nonetheless, Shiba Inu faces competition from other memecoins with active online communities.
Shiba Inu shows signs of recovery following significant decline. While the market remains uncertain, fundamental improvements and strategic initiatives indicate potential growth.
