SHIB Price May Rise To $0.000085 As It Enters Buy Zone

The last 24 hours saw the price of the Shiba Inu token record a decline of 1%, as it fell to the $0.00001725 mark.

Meanwhile, the broader crypto market recorded gains of 0.5% in the same duration. The Shiba Inu token’s weekly losses now stand at 8% and monthly losses have reached 33%.

However, in the last 12 months, the meme token has recorded gains of 125%. The losses have put SHIB in an oversold position and the technical analysis shows that there could be a rebound on the horizon.

Moreover, since the wider market also looks poised to recover, it means that the Shiba Inu token could end the year on a strong note.

The indicators

A look at the Shiba Inu chart shows that most of its indicators were in the oversold zone, but are now climbing up.

This can be seen in the Relative Strength Index (RSI), which climbed to 50. It had previously stood at 30. The 30-day average of the SHIB token has been below its 200-day average for several weeks now.

It is also considered a sign of heavy overselling. The fact that the SHIB token has a low trading volume is also worth noting.

Almost a month earlier, the second-largest meme token in the market had a trading volume of $2 billion. However, it has now dropped to just $200 million.

The possibilities

While this highlights a lack of decline, it also means that the SHIB token is likely to record big price rises due to the lower trading volume.

This would particularly be true if a whale placed a big order. The Shiba Inu token could see a recovery very soon, given that it is under-appreciated and has a low trading volume.

The chances of this will be higher if the wider market receives a boost from the launch of Ethereum ETFs.

According to reports, ETH ETFs are likely to launch as early as July 4th. The rise in volume and demand is expected to push up not only the price of Ethereum but other altcoins too.

The impact

The Shiba Inu token could also see positive demand because it operates on the Ethereum blockchain. Along with the launch of Ethereum ETFs, rate cuts are also expected to happen in September.

Central banks in the UK, US, and elsewhere are planning on reducing interest rates. This would give a boost to the demand and bullishness amongst traders, which could positively impact Shiba Inu.

Moreover, the fundamentals of the meme token’s fundamentals are also expected to support it. The token is expected to see the launch of its metaverse platform as well as a three-layer network.

This will give the price of the Shiba Inu token a boost in the longer term. The end of the year could see the meme coin rise to $0.00004.