Author
Simon Chandler
Author
Simon Chandler
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The Shiba Inu price has dipped today, mirroring the modest pullback seen across most major tokens over the past 24 hours.
Despite the drop, SHIB remains up 6.5% on the week and 22% over the past two weeks, though it’s still down 15% over the last year.
While that yearly loss may disappoint some holders, SHIB’s chart is flashing two strong bullish signals, suggesting a fresh rally could be just around the corner.
And when we combine such signals with the coin’s increasingly strong fundamentals, the long-term Shiba price prediction begins to look very good indeed.
Shiba Inu Price Prediction: 22% Rally and 2 Bullish Signals – New All-Time High Next?
If we look at SHIB’s one-day chart, the most obvious and important feature is that its price has broken out of the narrow descending channel active since mid-May.
This is the clearest sign available that the coin is in the middle of a growth phase, yet there are others.
Also telling is the position of its MACD (orange, blue) which has been rising for the past week or so, but which is far from hitting the heights it attained in late November and early December.
In other words, this means that Shiba Inu’s recent rally still has several weeks left to run, before the token enters a decidedly overbought position.
Also supporting this claim is SHIB’s relative strength index (yellow).
Despite having dipped in the past couple of days, it had been in oversold positions for most the six months to July.
As such, we can expect it to remain above 50 (or higher) for a while yet, with the Shiba Inu price rising in parallel.
There are also fundamental reasons to believe that SHIB will continue to do well over the coming weeks and months, with the coin’s ecosystem continuing to grow.
Its layer-two network, Shibarium, is currently processing over 4.5 million transactions per day, indicating how popular it and the Shiba Inu ecosystem have become in recent months.
There’s also the ongoing development of ShibOS, Shiba Inu’s decentralized operating system, which will see the rollout of various layers in the medium- and long-term.
This will give Shiba Inu much more utility over the longer term, pushing up the coin’s price over time.
Assuming an increasingly bullish market, as well as the reliability of the above indicators, we could therefore see the Shiba Inu price hit $0.000020 by the end of August.
New Meme Coin TOKEN6900 Raises $1 Million: Could It Flip SHIB?
It’s possible that the market will remain unconvinced by Shiba Inu, given that its price has actually declined in the past year, despite upgrades and launches.
If so, traders may already prefer to look to newer meme tokens, with the market certainly not short of interesting candidates.
Probably one of the best of these is TOKEN6900 ($T6900), an ERC-20 coin that has now raised just over $1 million in its ongoing presale.
Unlike Shiba Inu, which is trying very hard to give itself utility and strong fundamentals, TOKEN6900 has raised this sum on the back of a simple promise: to be nothing more than a meme coin.
TOKEN6900 proudly declares on its website that its value is “not built on fundamentals,” but rather on “delusion, irony, and the collective hallucination of the terminally online trader.”
It’s therefore aiming to use hype, viral marketing and its growing community to pump its price over time, with the growth of its presale suggesting that this strategy may prove successful.
With a max supply of 930,993,091 T6900, the coin has taken its memes from the dot-com bubble of the late 90s, with its website full of retro graphics.
Holders of the coin will be able to stake it for passive income, but otherwise it will have no fundamental value or utility, something which could make it much more volatile.
Investors can grab TOKEN6900 early at the official $T6900 website, with tokens still going for just $0.006675.
The price will increase later today and continue climbing until the sale ends, so newcomers should act fast.
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