The Shiba Inu (SHIB) price has retraced around 50% of its uptrend in 2024, falling behind new low cap meme coins in March. Despite this, the second largest meme coin is still showing a 170% increase year-to-date.
Starting the week with slight gains, while rival Dogwifhat (WIF) sees double-digit surges, raises the question: Is this a temporary bounce? Will SHIB drop further as traders shift focus to newer tokens?
Shiba Inu Price Predictions
One perspective suggests betting on strength, as highlighted recently by the long-standing crypto Twitter account @Crypto_Chase (formerly Chase_NL).
Crypto Chase
With a following of 150,000 since 2011, Chase believes keeping an eye on newer meme coins like $WIF is more beneficial than traditional ones like $DOGE, $SHIB, $BONK, stating $WIF as the top performer with the clearest price action. He also mentions keeping an eye on $PEPE among high cap meme coins.
In a tweet, Chase mentioned, “If you’re looking for the cleanest PA and the top performer for longs, it’s WIF. 2nd place goes to $PEPE.”
Currently, both $WIF and $PEPE have a market cap of just over $3 billion, positioned as the #3 and #4 ranked meme coins, potentially giving them room to catch up to Shiba Inu’s $16 billion market cap and Dogecoin’s $21 billion.
Dyme
Renowned trader Dyme (@CryptoParadyme) shared an optimistic Shiba Inu price prediction with his 50k followers, pointing out the 651-day accumulation range that SHIB traded in from Q2 2022 to early 2024. He also predicted a breakout above the $0.00002 mark.
He hinted at a potential increase to the 1.618 Fib at $0.000049, which could signify a 1.75x jump from SHIB’s current price of $0.000028.
Jacob Bury
Crypto analyst Jacob Bury highlighted a ‘critical’ support level at $0.000023, noting the oversold RSI on the four-hour chart in a recent video. Despite the bearish price action, he emphasized that the situation wasn’t a reason to panic, suggesting a possible local bottom with the daily RSI remaining strong.
Additionally, he mentioned Dogecoin20 (DOGE20) as a low market cap alternative to Shiba Inu, spotlighting its successful presale with over $2 million raised.
Is Shiba Inu Dead?
Shiba Inu has fallen out of CoinMarketCap’s top fifteen trending tokens, with newcomers like Solana meme coin Book Of Meme (BOME) taking the lead. Other coins like Dogwifhat and Smog have shown stronger performance this week than SHIB.
The future of Shiba Inu’s interest remains uncertain – whether it’s losing traction or if the recent price drop was merely a retest of its two-year breakout range. The coming days will reveal more as SHIB aims to maintain high timeframe candles above the $0.000022 level.
Current ratings from Tradingview show SHIB as a sell on the four-hour timeframe but a buy on daily and weekly timeframes, with a strong buy on the monthly chart.
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